SLUSA

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The Limits Of SLUSA Preemption

In 1995, the Private Securities Litigation Reform Act (“PSLRA”) was passed to limit frivolous and unwarranted securities lawsuits. 15 U.S.C. §78u–4. While private securities litigation is an indispensable tool in which...more

Texas Two Step: “In Connection With” At The End Of Its Tether?

The familiar “in connection with the purchase or sale” securities-litigation requirement may not be unlimited in its breadth, after all. On February 26, the US Supreme Court pulled up short defendants in litigation by...more

Financial Services Law - Mar 14, 2014

State and Federal Lawmakers, Chair of Fed Weigh in on Regulation of Virtual Currency - The New York Department of Financial Services issued an order on Wednesday that it will immediately start accepting applications...more

In Case You Missed It - Interesting Items for Corporate Counsel (Cumulative) - March 13, 2014

The U.S. Supreme Court recently ruled in Lawson v. FMR LLC that the whistleblower provisions of the Sarbanes-Oxley Act protect employees who work for contractors and subcontractors of public companies and not just employees...more

Recent Supreme Court Decision Undermines SLUSA Security for Secondary Actors in Ponzi Schemes

The Supreme Court’s February 26, 2014 decision in Chadbourne & Parke LLP v. Troice, et al., has eliminated a potential protection for secondary actors (such as investment advisors, law firms or insurance brokerages) that...more

United States Supreme Court Resolves Circuit Split and Narrows Scope of SLUSA

In Chadbourne & Parke LLP v. Troice, Nos. 12-79, 12-86 and 12-88, 2014 U.S. LEXIS 1644 (U.S. Feb. 26, 2014), the Supreme Court of the United States resolved a split in the circuits regarding whether alleged misrepresentations...more

Supreme Court Maintains Viability of State Law Claims Related to Securities Transactions

A recent Supreme Court opinion, Chadbourne & Parke LLP v. Troice, addresses the viability of class action state-law claims arising from fraudulent securities transactions. This was an opportunity for the Court to limit...more

Halliburton And The Future of Securities Class Actions: Part III

Yesterday the Supreme Court heard argument in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317. The case has the potential to rewrite the rules for how securities class actions are brought. This is the concluding...more

Supreme Court Rules that the Securities Litigation Uniform Standards Act Does Not Preempt State Law Claims

This week, the US Supreme Court narrowed the scope of the preemption provisions of the Securities Litigation Uniform Standards Act (SLUSA), which bars certain state law-based securities class actions. As a result, securities...more

Inside The Courts - March 2014 | Volume 6 | Issue 1

In This Issue: - U.S. SUPREME COURT: ..Lawson v. FMR LLC, No. 12-3 (U.S. March 4, 2014) ..Chadbourne & Parke LLP v. Troice, No. 12-79 (U.S. Feb. 26, 2014) - CLASS CERTIFICATION: ..In re BP...more

The Supreme Court Narrows SLUSA’s Reach and Expands the Pool of Potential Defendants Subject to State Securities Law Class Actions

On February 26, 2014, the United States Supreme Court limited the reach of the Securities Litigation Uniform Standards Act of 1998 (SLUSA), thereby increasing the number of individuals and entities that may be surprised to...more

High Court Limits Application of Phrase “In Connection With” for Federal Securities Laws

On February 26, 2014, the U.S. Supreme Court ruled in Chadbourne & Parke LLP v. Troice et al. that the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) does not preclude class action lawsuits asserting state law...more

Supreme Court Narrows The Scope Of SLUSA Preemption, Green-Lighting State Law Class Action Claims Alleging Ponzi Scheme

On February 26, 2014, the U. S. Supreme Court (“the Court”) held that the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) did not preclude Stanford Ponzi scheme plaintiffs’ state-law class action claims because...more

Supreme Court Holds That SLUSA Does Not Preempt State Law Claims Of Investors In Stanford Ponzi Scheme

Recently, the U.S. Supreme Court limited the scope of the preemption of state law class actions afforded by the Securities Litigation Uniform Standards Act of 1998 (SLUSA) in Chadbourne & Parke LLP v. Troice, No. 12-79 (U.S....more

SCOTUS Holds State-Law Securities Class Actions Not Precluded By Federal Law

On February 26, the Supreme Court held that the Securities Litigation Uniform Standards Act of 1998 (Securities Litigation Act) does not preclude four state-law based class actions against firms and individuals who allegedly...more

Complex Litigation Update: SCOTUS Allows Plaintiffs’ State-Law Class Actions Against Law Firms, Financial Firms, and Others to...

On Wednesday of last week, the Supreme Court of the United States issued a 7-2 decision affirming a Fifth Circuit ruling permitting four state-law class actions to proceed against two New York law firms and others in a matter...more

No SLUSA Protection Absent Material Connection With Sale/Purchase of Covered Security

In Chadbourne & Parke LLP v. Troice, the U.S. Supreme Court held on February 26, 2014, that the victims of Allen Stanford’s multibillion-dollar Ponzi scheme can proceed with their claims against law firms, insurance brokers,...more

This Week In Securities Litigation (Week ending February 28, 2014)

The Supreme Court handed down a significant decision, construing SLUSA in the context of suits by investors defrauded investors in the Stanford Ponzi scheme. The Court concluded that the Act does not bar four state law class...more

Bernstein Shur Business and Commercial Litigation Newsletter #37

We are pleased to present the 37th edition of the Bernstein Shur Business and Commercial Litigation Newsletter. This month, we highlight recent developments concerning securities fraud liability against law firms and other...more

U.S. Supreme Court Ruling Opens the Door to More State-Law Securities Class Actions

Today, in a 7-2 decision with Justice Breyer writing for the majority, the Supreme Court issued a narrow interpretation of when the federal Securities Litigation Uniform Standards Act (“SLUSA”) preempts state-law securities...more

"Inside the Courts: Supreme Court Decides Scope of ‘In Connection With’ Requirement of the Securities Litigation Uniform Standards...

Today, in a 7-2 decision, the United States Supreme Court appeared to narrow the scope of the “in connection with the purchase or sale of a covered security” as used in SLUSA. Justice Breyer delivered the opinion of the Court...more

"Securities Litigation Landscape Continues to Evolve in 2014"

In 2013, the U.S. Supreme Court weighed in on significant securities litigation issues, including the fraud-on-the-market presumption and the SEC’s use of the discovery rule. With numerous important cases pending on topics...more

Credit Crunch Digest -- October 2013

This issue of the Credit Crunch Digest focuses on the indictment of former ICAP employees for rate fixing of the yen Libor; a new lawsuit filed against global banks for their involvement in Libor manipulation schemes; a...more

Second Circuit Clarifies Scope of SLUSA Preclusion

In Trezziova v. Kohn (In re Herald, Primeo & Thema Sec. Litig.), No. 12-156-cv, 2013 U.S. App. LEXIS 19132 (2d Cir. Sept. 16, 2013), the United States Court of Appeals for the Second Circuit affirmed the dismissal of state...more

Second Circuit Affirms Judgment that SLUSA Precludes Madoff-Related Claims

The US Court of Appeals for the Second Circuit affirmed the district court’s dismissal of two class action suits by European investors on behalf of all investors in certain funds (Funds), against JPMorgan Chase & Co....more

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