News & Analysis as of

Motion to Dismiss SLUSA

King & Spalding

Wong v. Restoration Robotics: California Appellate Court Upholds Federal Forum Selection Provision for Securities Act Claims

King & Spalding on

On April 28, 2022, the Court of Appeals of California, First District, upheld a corporate charter provision requiring shareholders to file Securities Act of 1933 (“Securities Act”) lawsuits in federal court. This is the...more

Proskauer - Corporate Defense and Disputes

Supreme Court to Decide Whether Discovery Stays Apply to State-Court Securities Lawsuits This Fall

One of the most significant differences between bringing a securities lawsuit in state versus federal court is the application of the mandatory discovery stay set forth in the Private Securities Litigation Reform Act (the...more

Goodwin

Federal Judge Dismisses Facebook Investor Class Action Based on Board Diversity

Goodwin on

Federal Judge Dismisses Facebook Investor Class Action Based on Board Diversity, Virginia Federal Judge Denies Motion to Dismiss Claims that Altria Knew JUUL Was Marketing to Underage Consumers, SEC Brings Claims Against AT&T...more

Sheppard Mullin Richter & Hampton LLP

Third Circuit Holds that SLUSA Does Not Preclude Class Action Opt-Outs from Pursuing Individual Actions

In North Sound Capital, LLC v. Merck & Co, Inc., No. 18-2317, 2019 WL 4309663, 2019 U.S. App. LEXIS 27518 (3d Cir. Sept. 12, 2019), the United States Court of Appeals for the Third Circuit reversed a New Jersey district court...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - September 2019

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between May and August 2019....more

Jones Day

New York Commercial Division Imposes PSLRA Discovery Stay in Securities Act Class Action

Jones Day on

A recent decision by the New York Commercial Division held that the Private Securities Litigation Reform Act's automatic stay of discovery pending a motion to dismiss applies to Securities Act claims pursued in state court,...more

Sheppard Mullin Richter & Hampton LLP

Commercial Division Justices Provide Dueling Approaches to Discovery Stays in State Court Securities Litigation

In In re Everquote, Inc. Securities Litigation, 2019 N.Y. Slip Op. 29242, No. 651177/2019, 2019 WL 3686065 (Sup. Ct. N.Y. Cnty. Aug. 7, 2019), Justice Andrew Borrok of the New York County Commercial Division stayed discovery...more

Sheppard Mullin Richter & Hampton LLP

Second Circuit Limits Reach of SLUSA Preclusion in State Law Variable Annuity Class Action

In O’Donnell v. AXA Equitable Life Insurance Co., No. 17-cv-1085, 2018 WL 1720808 (2d Cir. Apr. 10, 2018), the United States Court of Appeals for the Second Circuit reversed an order dismissing a variable annuity...more

A&O Shearman

Second Circuit Holds That SLUSA Is Not Triggered By A Holder's Passive Retention Of A Security Following An Alleged...

A&O Shearman on

On April 10, 2018, the United States Court of Appeals for the Second Circuit revived and remanded to state court a putative class action brought against AXA Equitable Life Insurance Company. O’Donnell v. AXA Equitable Life...more

Bass, Berry & Sims PLC

Chris Lazarini Examines State Court Jurisdiction Under the Securities Act of 1933

Bass, Berry & Sims attorney Chris Lazarini examined a case in which the defendants claimed a state court did not have jurisdiction to hear a class action lawsuit alleging violations of the Securities Act of 1933. The court...more

Carlton Fields

Alleged Misrepresentations to DFS Warrant SLUSA Preclusion

Carlton Fields on

The Southern District of New York recently granted defendant’s motion to dismiss a putative class action claiming that AXA Equitable Life Insurance Company breached its contractual obligation by implementing a volatility...more

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