Hall, et al. v. Variable Annuity Life Ins. Co., et al., No. 12-20440 (5th Cir. 2013)Annotate this Case
Plaintiffs, members of a certified class of securities fraud plaintiffs whose certification order was vacated in 2004 (the Drnek action), filed a class action in 2009 reciting the same claims previously outlined in the Drnek action. The district court concluded that plaintiffs' claims have been extinguished because they filed their class action more than five years after the Drnek court vacated its certification order. The court held that the Drnek court's vacatur of certification caused American Pipe & Construction Co. v. Utah tolling to cease and the statute of repose to resume running. Because plaintiffs brought this action after the statute of repose expired, their claim has been extinguished. Accordingly, the court affirmed the judgment of the district court.