On June 27th, the Second Circuit addressed whether the tolling rule set forth by the Supreme Court in American Pipe & Construction Co. v. Utah, 414 U.S. 538 (1974), which provides that "the commencement of a class action suspends the applicable statute of limitations as to all asserted members of the class who would have been parties had the suit been permitted to continue as a class action," applies to the three-year statute of repose in Section 13 of the Securities Act of 1933. The District Court denied proposed intervenors/appellants' motions to intervene in a case alleging that defendants made fraudulent misrepresentations and omissions in the offering and sale of certain financial instruments which they purchased. After the dismissal of some of the lead plaintiffs' claims, as well as the expiration of the three-year statute of repose under Section 13, several putative class members sought to intervene to revive the dismissed claims on either American Pipe tolling grounds or under the Federal Rules of Civil Procedures' "relation back" provisions. The Second Circuit holds that American Pipe's tolling rule does not apply to the three-year statute of repose in Section 13, and absent circumstances that would render the newly asserted claims independently timely, neither Federal Rule of Civil Procedure 24 nor the Rule 15(c) "relation back" doctrine permits members of a putative class, who are not named parties, to intervene in the class action as named parties in order to revive claims that were dismissed from the class complaint for want of jurisdiction. The Court noted that the proposed intervenors, through minimal diligence, could have avoided the operation of the Section 13 statute of repose simply by making timely motions to intervene in the action as named plaintiff or by filing their own timely actions and, if prudent, seeking to join their claims under Federal Rule of Civil Procedure 20 (joinder). In re IndyMac Mortgage-Backed Securities Litigation.