with subsequent decisions the us supreme court has as indicated that that's exactly how it will work for example in crown conceal the supreme court repeated the statement that the commencement of class action commences the action on behalf you let me ask you a question then if i understand you and your understanding of american pie as it applies to your plan i take it that the following proposition would be true and that is that an individual could assert a claim from the moment of the wrongdoing whenever that was until two years after the denial of the class or cation that any claim board by an individual at any time in that continuum would be tarred with that correct that is the class action was commenced say one year and three hundred and sixty days after the course of action accrued right so they would be only five days left on the statue of limitations so when the classification decision is  denying classification there would only be five days left for a and individual to opt out so so the proposition that you want to present it is generally correct but we have to take into account that there may have been a lapse of time between the filing of the decision that individuals can opt out if you look at the those two cases it's clear very clear that they did not intend to impose such a restriction if you look at for example and that securities in n z security not i think it's clear if you look at this case for example that judicial efficiency and economy would not be furthered by imposing a restriction on the class on only post classification situations and this is this is the reason pending a during the period that the classification decision is pending the claims of plaintiffs may actually be expiring due to the statute of repose the supreme court has made that made it clear that the statue r by two thousand and twenty one or claims will have been would have been it would have expired under the statute proposed and if this do not classification decision you're going to have faith we have plaintiffs who are unable to opt out because there's immediately what would effectively happen is that there would be like multiple tracks of litigation and underlying litigation there's still the class action which hasn't settled completely there are the opt outs who did file early without relying on notice the actual falling of the class action gives notice to the vendors as the universe claims that it is subject to and it doesn't matter and this is what the court said in american pop it doesn't matter whether the  the litigation against the defendant ends up being an individual also a class action or with multiple forms it just doesn't matter the point is they've been given notice and to allow a an individual to file  you the terms of that said well if you restrict them and prevent them from filing until post classification that's exactly what they'll do they'll post the far post classification so if you don't reduce the number of losses all you've done is you've  economy we would say st the number of moses would not be reduced but in fact the to protect themselves plaintiffs may have too far out even more lawsuits to protect themselves understanding that there is a particular date that you have in my mind and that's why when you filed in december of eighteen it was likely correct you want to i want to know what is that date you have and not the data we have in but i didn't hear you it would have the opportunity to respond to my i'm in favor of the of talent ok very good and i've only been allocated two minutes your own and so i will be quick  each case we looked at the start date of the class period d in the past period and the date on which classification was tonight and what we found was at least ninety two dollars cases with class seven the cation was not decided  least five years at the beginning of the class period so apply in those cases if the district court's ruling had applied not at least some of the class members would have had their clear individual claims barred by the statute  but there are certain investors who rely on the tolling of the statute of the limitations through american pipe deciding whether it would be prudent to follow their own opt out actions and so if the benefit of american  prophylactic filings the would be way more substantial than perhaps the prophylactic findings that have to be made now under the existing more on the ends are well thanks very much appellant's complaint was only without the benefit of american tolling with the court's indulgence i would begin with just a brief procedural background that was relevant to the disparate court's decision in which i believe of american pie told me isn't appropriate in this case and i would then turn to the american pipe doctor in itself including the two recent supreme court cases that mr todd and the panel have addressed and oh so you considerations examined sixteen these actions these class actions and the alleged conduct trigger them were widely covered by the media in twenty million one hundred and fifty two thousand and sixteen including multiple reports in the wall street criminal bloomberg and the new york times limitations and a five year statute propose of those thirty seven dollars individual opt out cases twenty nine dollars were filed prior to june th two thousand and eighteen which is two years after the filing of the plaintiffs different plaintiff number one who filed within two years of the statute of limitations doesn't have a statute of limitations problem that is most he says the district court held a motion the what i will call plate at number two and plate of number thirty one plate of number three i acknowledge when the wrong doing happened i know that it happened over a period of time i knowledge that i could have brought a clearly within the st two years i chose not to i acknowledge that it's possible d that i could have brought a plane a point in between two years has basically just not on the sidelines and watch at least think of number two has said it wants of things happening i've got a file and they file so why should there be prejudiced prejudice you just made a decision not to file with the in two years and then not to wait until after a class or the super plaintiff number three i think the supreme court recognizes may never filed suit and that's why the judicial economy and efficiency is important plaiting plaintiff number three is doing what the spring orders encourage waiting to see what happens with the class or vacations it may be that intervene as an additional class representative if three class or proceedings suggested some deficiencies in existing class reps they could have sought a tolling agreement from the defendants as a number of months at least two years and six months after the filing of the statute the running of the statue of limitations and says i can file anytime i want for the writing of the statute or propose and then just report i think and i think th report is well he's concerned to bad the damage that's doing to the litigants belly and it's prejudicial they have to keep moving to dismiss keep doing a new discovery throughout this entire time period and it also strips  reports of their ability to manage these cases you know thirty seven opt outs to manage thirty seven opt outs along with a class action well you know here's the point though what are we to do with the if number two we in that hypothetical is class member will have to participate in the class action torsion of the proceedings and receive their recovery if there is action they're not totally out of law they will just participate in the class in the class action rather than have their own their own actions and i don't think you know reading years one that runs that runs the only tolling and there's a statute of repose that's five years when that runs it runs the only tolling that should be done it and i think this is this is us we should be careful about now congress in its wisdom has decided for security space to have a spurious cases have a statute proposed and he tells us that statute of repose five years in a securities case is not subject to tell least has taken some action and that's exactly the point made by the nd circuit in welkom the nd circuit said that if if an encore again if class members who do not file suit while the class action is pending cannot be accused of sleeping on their rights then the same quote is certainly true of class members who do file individual suits before the court decides classification so and that that goes well let me just  if i jump in as an individual after the plasterer vacation but the five years run i'm out of i'm out of luck correct