Weatherly v. Pershing, LLC, No. 18-11052 (5th Cir. 2019)Annotate this Case
Florida law does not recognize putative class actions in Fla. Stat. 95.051's exclusive list of tolling exceptions. In these consolidated cases arising from the Stanford Ponzi scheme, investors alleged that Pershing breached its fiduciary duty and committed indirect fraud under Florida law.
The Fifth Circuit affirmed the district court's holding that investors' claims were time-barred. The court held that the Florida Legislature has laid out an exclusive list of tolling exceptions, and class actions are not on the list. Furthermore, the federal policy of tolling for putative class members could not override the governing statute. Therefore, investors' claims were time-barred by Florida's statute of limitations and the court did not reach the merits of those claims.