Insiders’ fiduciary relationship with shareholder may toll statute of limitations.The US Court of Appeals for the Third Circuit reversed the dismissal of a shareholder lawsuit as time-barred. A former shareholder in a now defunct biotech firm sued the firm’s liquidating trustee, asset purchasers, and former executives for breach of fiduciary duty for allegedly selling the firm’s assets at less than fair market value in insider deals. The Third Circuit held the district court improperly considered documents outside the record and improperly applied the statute of limitations. In addition, because a fiduciary relationship may have existed between plaintiff and some of the defendants, the limitations period may have been tolled by the discovery rule. Under Third Circuit law, a discovery rule analysis applies in the presence of a fiduciary relationship because that relationship entails a presumptive level of trust. (10/17/2014) Schmidt v. Skolas.