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On Wednesday, the Third Circuit sided with investors in Bahaa Aly v. Valeant Pharmaceuticals International, Inc., No. 19-3326, an important case involving American Pipe tolling. In holding that American Pipe tolling applies to individual actions filed before the issue of class certification is decided, the Third Circuit agreed with and expressly relied on many of the points made by RKS on behalf of amicus curiae Fir Tree Capital Management LP, including a comprehensive study of recent class actions conducted by RKS attorneys. The Third Circuit’s decision is a critical win for investment managers, who frequently rely onAmerican Pipe tolling when opting out of class actions.