News & Analysis as of

SLUSA

Supreme Court to Determine whether State Courts Have Jurisdiction to Adjudicate Covered Class Actions under the Securities Act of...

by BakerHostetler on

On June 27, 2017, the Supreme Court granted certiorari in Cyan Inc. v. Beaver County Employees Retirement Fund,[1] to decide whether the Securities Litigation Reform Act of 1998 (SLUSA) bars plaintiffs from filing any covered...more

Supreme Court to Determine State Court Jurisdiction of Class Actions Under Securities Act of 1933

On June 27, the Supreme Court granted certiorari in Cyan Inc. et al. v. Beaver County Employees Retirement Fund et al., agreeing to weigh in on whether state courts have jurisdiction to hear class action lawsuits brought...more

Supreme Court to Review Concurrent State Court Jurisdiction in Securities Act of 1933 Cases

by Alston & Bird on

On June 27, 2017, the U.S. Supreme Court granted a writ of certiorari in Cyan Inc. v. Beaver County Employees Retirement Fund to decide whether, pursuant to the Securities Litigation Uniform Standards Act of 1998 (SLUSA),...more

The Supreme Court Grants Cert. in Cyan and Takes Up Forum Shopping in Securities Class Actions

by Morrison & Foerster LLP on

Recent years have seen significant growth in Securities Act class actions filed in California state courts, based on conflicting readings of the Securities Litigation Uniform Standards Act (“SLUSA”). On June 27, 2017, the...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Supreme Court concluded that the three year limitation period for bringing suits based on Section 11 of the Securities Act is a statute of repose – it cannot be extended. The High Court also agreed to hear next term a...more

Supreme Court to Hear Challenge to State Court Jurisdiction Over 1933 Act Class Actions

by Goodwin on

The Supreme Court has agreed to decide whether the Securities Litigation Uniform Standards Act of 1998 abolishes state court jurisdiction over class action lawsuits that allege only claims under the Securities Act of 1933....more

High Court to Address Whether State Courts May Hear Federal Securities Claims Regarding IPOs

by Bryan Cave on

The Supreme Court yesterday agreed to consider whether the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) precludes state court jurisdiction in actions that solely allege violations under the Securities Act of...more

Blog: SCOTUS Grants Cert In Case Involving Whistleblower Statute And Cassome Involving State Court Jurisdiction Over ’33 Act...

by Cooley LLP on

SCOTUS will be hearing at least two cases of interest next term: one case, Somers v. Digital Realty Trust, will address the split in the circuits regarding whether the Dodd-Frank whistleblower anti-retaliation provisions...more

Supreme Court to Resolve Split on Removing Securities Act Claims to Federal Court

The Supreme Court granted the petition for certiorari in Cyan, Inc. v. Beaver Cty. Emps. Ret. Fund, No. 15-1439 (U.S. May 24, 2016) yesterday, setting the stage for the resolution of a long-standing division among federal...more

U.S. Supreme Court Grants Cyan's Petition for Certiorari, to Decide Whether Certain Securities Class Actions May Be Brought in...

On June 27, 2017, the Supreme Court of the United States granted a petition for certiorari filed by Wilson Sonsini Goodrich & Rosati on behalf of its clients, Cyan, Inc. and its officers and directors. The question before the...more

Alert: Supreme Court to Decide if State Courts Have Jurisdiction to Hear IPO Litigation

by Cooley LLP on

On June 27, 2017, the Supreme Court granted a writ of certiorari in Cyan, Inc. v. Beaver County Employees Retirement Fund, Case No. 15-1439 (Cyan), to decide whether state courts have subject matter jurisdiction over class...more

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

by Bass, Berry & Sims PLC on

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

Eastern District Of Pennsylvania Rules That State Law Claims Were Not Preempted By SLUSA

by Shearman & Sterling LLP on

On May 26, 2017, Judge Cynthia Rufe of the United States District Court for the Eastern District of Pennsylvania ruled that the plaintiffs’ state law claims against Vanguard Group, Inc. (“Vanguard”) were not preempted by the...more

United States Asks Supreme Court To Resolve Whether State Courts Have Jurisdiction Over Securities Act Claims, Arguing That State...

by Shearman & Sterling LLP on

On May 23, 2017, the Acting Solicitor General (“ASG”) filed a brief on behalf of the United States as amicus curiae urging the Supreme Court to grant the petition for a writ of certiorari in Cyan,Inc. v. Beaver County...more

Southern District Of New York Dismisses Putative Class Action, Holding That Claims Are Precluded By SLUSA

by Shearman & Sterling LLP on

On April 1, 2017, District Judge John G. Koeltl of the United States District Court for the Southern District of New York dismissed a putative class action against brokerage firm E*TRADE Financial Corporation and E*TRADE...more

"Inside the Courts: An Update from Skadden Securities Litigators - February 2017 / Volume 9 / Issue 1"

We are pleased to present Inside the Courts (Volume 9, Issue 1), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

Simultaneous Decisions from the 7th Circuit: How the Later-Argued Case Became Binding Precedent

by Foley & Lardner LLP on

The Seventh Circuit is very serious about treating its panel decisions as the “law of the court” unless and until they are overruled by the en banc court or a higher authority. Hence, its Circuit Rule 40(e) requires a panel...more

A Fraud By Any Other Name: Seventh Circuit Holds That SLUSA Extends to Class Actions That Could Be Pursued Under Federal...

A divided panel of the Seventh Circuit recently held that the Securities Litigation Uniform Standards Act (“SLUSA”) requires any covered class action that “could have been pursued under federal securities law” to be brought...more

2016 Year-End Securities Litigation and Enforcement Highlights

by BakerHostetler on

Welcome to the 2016 Year-End Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose of this Report is to provide a periodic survey, apart from our team Executive...more

Supreme Court Will Weigh Insider Trading, Securities Act Class Action Requirements

In its 2016 fall term, the U.S. Supreme Court will have the opportunity to consider two cases involving securities laws, one of which is already on the calendar for oral argument. The cases concern the “personal benefit”...more

2016 Mid-Year Securities Litigation and Enforcement Highlights

by BakerHostetler on

Welcome to the 2016 Mid-Year Report From the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters...more

Is Certiorari A Possibility For SLUSA Question Not Addressed By Any Federal Circuit Court?

by Allen Matkins on

In Luther v. Countrywide Financial Corp., 195 Cal. App. 4th 789 (2011), the trial court ruled that state courts do not enjoy concurrent jurisdiction when a class action meeting the definition of a “covered class action” under...more

Do State Courts Lack Subject Matter Jurisdiction Over Covered Class Actions That Allege Only ’33 Act Claims?

by Allen Matkins on

In Luther v. Countrywide Financial Corp., 195 Cal. App. 4th 789 (2011), the trial court ruled that state courts do not enjoy concurrent jurisdiction when a class action meeting the definition of a “covered class action” under...more

Supreme Court Clarifies When State Law Claims Are Removable Under the Securities Exchange Act of 1934

by Goodwin on

On May 16, 2016, the U.S. Supreme Court issued its decision in Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, 578 U.S. __ (May 16, 2016), which resolved a longstanding circuit split as to the scope of exclusive...more

New and Disruptive Technologies: The Care and Feeding of the New Economy [Expect Focus – Vol. I, Winter 2016]

by Carlton Fields on

IN THE SPOTLIGHT - The CFPB Takes First Enforcement Action Related to Data Security Practices. LIFE INSURANCE - Class Certified in Unique Fixed Indexed Annuity Case. Alleged Misrepresentations to DFS Warrant...more

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