Federal Court Holds That SLUSA Allows Removal of 1933 Class Action to Federal Court

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On August 23, 2012, the District Court for the Northern District of California issued an opinion that analyzed whether class action lawsuits brought under the Securities Act of 1933 (the "1933 Act") were removable to federal court. There is currently a split among district courts on whether these 1933 Act class actions are removable. Ultimately, Judge Maxine Chesney held that 1933 Act class actions are covered by the Securities Litigation Uniform Standards Act (SLUSA) and thus are removable to federal court.

 

Topics:  Class Action, Federal Jurisdiction, Jurisdiction, Removal, Securities Exchange Act

Published In: Civil Procedure Updates, Constitutional Law Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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