On June 26, 2017, the U.S. Supreme Court issued a decision that will have a significant effect on securities class action litigation, changing the strategic calculus for both institutional plaintiffs and defendants. In California Public Employees' Retirement System v. Anz Securities, Inc., No. 16-373, 582 U.S. ___ (2017), the Court held that American Pipe tolling does not apply to the three-year statute of repose for private damage claims under the Securities Act of 1933.