Court Opinion

ID: 9449033
Source: CourtListenerOpinion
Date Created: 2023-08-03 23:53:25.491259+00
Date Added: 2024-06-11T17:31:39.636115
License: Public Domain

WATERMAN, Circuit Judge
(dissenting).
Although I agree with the majority that most assuredly the New York statute of limitations should apply to the timeliness of plaintiff’s claims that were advanced pursuant to the Securities and Exchange Act of 1934, I dissent from their denial of the petition before us. It is my view that we have not protected petitioner unless we grant the petition and order the district court to condition its order of transfer upon the defendants’ consenting not to assert the Alabama statute of limitation as a defense to these claims. Such a condition in an order is not unknown. See, e. g., Frechoux v. Lykes Bros. S.S. Co., 118 F.Supp. 234 (S.D.N.Y.1953). The majority seek to excuse their failure to compel the appropriate relief by asserting that mandamus is only for a “really extraordinary” case. But when the applicable law is as clear as we find it to be here, and the appropriate relief as obvious as it is here, I believe we should see to it that our unanimous approach to the law involved is effectuated by a court order.
The plaintiff contends that the main reason the defendants seek a transfer of this action is so that they may escape liability through application of the shorter Alabama statute of limitations. If this be so, the motivation behind the petition to transfer is an unfair one and the condition which I suggest may very well frustrate an unnecessary and unfair transfer here and discourage similar attempts in future cases.
On Petition for Rehearing Petition denied.