United States District Court, S.D. New York
January 20, 2004.
IN RE WORLDCOM, INC. SECURITIES LITIGATION, This Document Relates to: 02 Civ. 3288 (DLC); RAILWAYS PENSION TRUSTEE COMPANY LTD., Plaintiff, -v- SALOMON SMITH BARNEY, INC., et al., Defendants
The opinion of the court was delivered by: DENISE COTE, District Judge
Railways Pension Trustee Company Ltd. ("Railways") filed this action of
February 5, 2003, alleging a single claim pursuant to the Securities Act
of 1933 ("Securities Act"). Railways amended its complaint on July 11, to
add additional Securities Act claims, to name additional defendants to
the complaint's Securities Act claims, and to add claims under state law
and under the Securities Exchange Act of 1934. Defendants have moved to
dismiss the Securities Act claims brought against the defendants added
through the July 11 amendment.
A November 21 Opinion in this Securities Litigation addressed in the
context of a single individual action the statute of limitations that
applied to the Securities Act claims in that action, and described the law
that would permit an amendment to add defendants to relate back to a
pleading. In re WorldCom, Inc. Sec. Litig., No. 02 Civ. 3288 (DLC), 2003
WL 22738546 (S.D.N.Y. Nov. 21, 2003)("Nov. 21 Opinion"). Railways was
required to show why the November 21 Opinion did not require the
defendants' motion to be granted. Railways concedes that the November 21
Opinion requires that the Securities Act claims brought against defendants
added through the July 11 amendment be dismissed as time barred.
Accordingly, it is hereby
ORDERED that the Securities Act claims brought against the defendants
added to this action through the amendment of July 11, 2003 are dismissed
with prejudice from the action.
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