CalPERS loses as the Supreme Court tightens investor suit deadlines in Lehman case. (Photo: AP)

(Bloomberg) — The U.S. Supreme Court tightened the deadlines for some securities-fraud suits, throwing out an investor lawsuit in a case stemming from Lehman Brothers Holdings Inc.’s 2008 collapse.

The justices, voting 5-4 along ideological lines, ruled that the California Public Employees’ Retirement System took too long to file its suit against the underwriters of Lehman’s debt. CalPERS said the three-year deadline should have been extended because similar class-action lawsuits had been filed earlier.

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