Opinion ID: 611574
Heading Depth: 5
Heading Rank: 1

Heading: Effect on pending causes of action.

Text: 23 The limitations period for any private civil action implied under section 78j(b) of this title that was commenced on or before June 19, 1991, shall be the limitation period provided by the laws applicable in the jurisdiction, including principles of retroactivity, as such laws existed on June 19, 1991. 24 15 U.S.C.A. § 78aa-1(a) (West Supp.1993). Subsection 27A(a) applies to this suit because it was filed June 29, 1990. Under this subsection, we apply the law of this circuit as it existed on June 19, 1991, which provided that the limitations period for the state claim most analogous to § 10(b) and Rule 10b-5 be applied. See Gurley v. Documation Inc., 674 F.2d 253, 258-59 (4th Cir.1982) (applying the two-year limitations period provided by Virginia law for the state claim analogous to § 10(b) and Rule 10b-5). 6 Conversely, MH contends that § 27A violates the separation of powers doctrine because it purports to overrule the retroactive effect of Beam with regard to the Lampf limitations rule without substantively amending the underlying law. MH therefore asserts that Lampf and Beam control this action and compel us to apply a one- and three-year limitations period to the § 10(b) and Rule 10b-5 claims because § 27A is unconstitutional. We disagree with this contention.