Merck & Co. v. Reynolds

Summary

The Supreme Court held that the limitations period under 28 U.S.C. §1658(b)(1) for private securities fraud actions begins to run only when the plaintiff discovers, or a reasonably diligent plaintiff would have discovered, the facts constituting the violation, including scienter. The Court affirmed the Third Circuit's decision that the complaint was timely because pre-2001 events did not reveal facts suggesting scienter.