In a recently issued opinion, Associate Justice Sandra Day O’Connor, sitting by designation on the Sixth Circuit, issued an opinion reinforcing the statutory restrictions designed to prevent abusive class action securities litigation. Jerry L. Demings¸ et al., v. Nationwide Life Insurance, et al., 6th Cir. Nos. 08-4476 (Feb. 3, 2010). Discussing the Securities Litigation Uniform Standards Act of 1988 (“SLUSA”), the Court ruled that a sheriff’s class action suit filed on behalf of all public employers who sponsor § 457 deferred compensation plans was precluded by SLUSA. Justice O’Connor noted that this conclusion “is bolstered by the fact that Congress meant SLUSA’s preclusive effect to be broad and far reaching.”
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