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SCOTUScast - California Public Employees’ Retirement System v. ANZ Securities Post-Decision SCOTUScast

On June 26, 2017, the Supreme Court decided California Public Employees’ Retirement System v. ANZ Securities. Between 2007 and 2008, Lehman Brothers Holdings raised capital through a number of public securities offerings. California Public Employees’ Retirement System (CalPERS) purchased some of these securities. In 2008, a putative class action alleging federal securities law violations was filed against respondents--various financial firms involved in underwriting the offerings--in the U.S. District Court for the Southern District of New York. Because the complaint was filed on behalf of all persons who purchased the identified securities, petitioner CalPERS fell within the putative class. In 2011, however, CalPERS filed a separate action, alleging identical violations against respondent firms in the U.S. District Court for the Northern District of California. That suit was then transferred and consolidated with other related litigation in the Southern District of New York. The New York class action then settled, but CalPERS opted out of the settlement. Respondents thereafter moved to dismiss CalPERS’ separate suit based on Securities Act language providing that “[i]n no event shall any such action be brought … more than three years after the security was bona fide offered to the public,” the CalPERS suit having fallen outside the three-year limit. CalPERS argued that the time limit was equitably tolled during the pendency of the class action, but the district court rejected the claim and U.S. Court of Appeals for the Second Circuit affirmed. -- By a vote of 5-4, the Supreme Court affirmed the judgment of the Second Circuit. In an opinion by Justice Kennedy, the Court held that CalPERS’ untimely filing of its individual complaint more than three years after the relevant securities offering was grounds for dismissal. The three-year limitation in the Securities Act, the Court indicated, is a “statute of repose” and therefore not subject to equitable tolling. Justice Kennedy’s majority opinion was joined by the Chief Justice and Justices Thomas, Alito, and Gorsuch. Justice Ginsburg filed a dissenting opinion, in which Justices Breyer, Sotomayor, and Kagan joined. -- And now, to discuss the case, we have Mark Chenoweth, who is General Counsel for the Washington Legal Foundation.
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Money Girl - 508 MG Social Security—Secrets to Max Out Your Future Benefits

Laura interviews a Social Security expert about how the program works and what you need to know even if you're nowhere near retirement age. They discuss who's eligible for benefits, pros and cons of taking early retirement, how to avoid expensive Social Security mistakes, and the future of the program. Get the Money Girl book at http://MoneyGirlBook.com.

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The Gist - Somewheres vs. Anywheres

Over the last few years, the meaningful fault line between political camps has separated people rooted to certain places and people rooted to certain ideas. David Goodhart says the anywheres have become too dominant, and the somewhere have rightly felt excluded. How can we bridge the divide? Goodhart’s book is The Road to Somewhere. 

In the Spiel, speak loudly domestically and you might hurt your credibility. Speak loudly internationally and you might end civilization. 

Learn more about your ad choices. Visit podcastchoices.com/adchoices

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Opening Arguments - OA93: Affirmative Action (& The Best Legal Brief Ever Written)

Today's show is a deep dive into the current Constitutional status of affirmative action in higher education. We begin, however, with a question about Donald Trump from conservative listener Sage Scott.  Is it really a big deal to just listen to the Russians?  Couldn't you just pay them if their stuff turns out to be useful?  No.  The answer is no. In the main segment, the guys outline the current state of the law of affirmative action in higher education as set forth in Fisher v. University of Texas-Austin, 136 S.Ct. 1398 (2016) ("Fisher II"), and what that means in light of the Trump Administration's recent comments that it plans to focus DOJ resources on challenging college admission programs that (supposedly) disadvantage white people. Next, in a follow-up to the John Oliver defamation lawsuit we discussed in Episode 84, "Closed Arguments" returns with a dissection of the best legal brief ever written, an amicus curiae brief filed by Jamie Lynn Crofts of the ACLU of West Virginia in support of Oliver.  Andrew tries to contain his jealousy. Finally, we end with the answer to Thomas Take the Bar Exam Question #35 regarding a physician's duty regarding releasing patients who are a danger to themselves or others.  And don't forget to play along by following our Twitter feed (@Openargs) and/or our Facebook Page and quoting the Tweet or Facebook Post that announces this episode along with your guess and reason(s)! Recent Appearances Andrew had a busy week!  He was on the follow shows: Show Notes & Links
  1. Here is a link to 52 U.S.C. § 30121, which you can read for yourself plainly prohibits virtually all contact between foreign nationals and any candidate for federal, state, or even local office.
  2. You can read the August 1, 2017 New York Times story on how the Trump Administration plans to challenge affirmative action in college admissions here.
  3. The most recent Supreme court case on affirmative action in higher education is Fisher v. University of Texas-Austin, 136 S.Ct. 1398 (2016) ("Fisher II"); Andrew also referenced Fisher I, 133 S.Ct. 2411 (2013).
  4. We first discussed Bob Murray's defamation lawsuit against John Oliver in Episode #84, and you can read the ACLU's outstanding amicus brief here.
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