News & Analysis as of

SLUSA Supreme Court of the United States

The New Supreme Court Term: Three Securities Cases

by Dorsey & Whitney LLP on

Three securities cases are on the docket as the new Supreme Court Term opens on the first Monday of October. A fourth significant action is pending certiorari....more

Upcoming Supreme Court Cases Worth Noting by Institutional Investors

The U.S. Supreme Court‘s 2017 term begins October 2nd and we will be tracking at least three cases relevant to institutional investors: •Cyan, Inc. v. Beaver County Employees Retirement Fund •Digital Realty Trust v....more

Lane Powell Assists Washington Legal Foundation with US Supreme Court Amicus Brief in Cyan Securities Class Action

On September 5, 2017, my colleague Kristin Beneski and I were honored to file a US Supreme Court amicus brief on behalf of the Washington Legal Foundation (“WLF”) in Cyan, Inc. v. Beaver County Employees Retirement Fund....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Drugmaker Gilead has kickstarted a largely quiet period for big pharma deals with the announcement that it’s acquiring Kite for about $11.9 billion. Kite Pharma’s best known for its emerging cancer treatments that focus on...more

2017 Mid-Year Securities Litigation and Enforcement Highlights

by BakerHostetler on

Welcome to the 2017 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose of this report is to provide a periodic survey – in addition to our Practice Team...more

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

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

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

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

"SLUSA in the Age of Madoff"

Litigation arising out of Bernard Madoff's Ponzi scheme has generated multiple legal developments, including new case law regarding the Securities Litigation Uniform Standards Act of 1998 (SLUSA). SLUSA provides a powerful...more

Class Action Round-Up: Summer 2015

by Alston & Bird on

The big news this quarter is the U.S. Supreme Court’s acceptance of Tyson Foods, Inc. v. Bouaphakeo, an employment case likely to have major ramifications across the whole spectrum of class action litigation. The Court is set...more

2015 Mid-Year Securities Litigation and Enforcement Highlights

by BakerHostetler on

Welcome to the 2015 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 we...more

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

by Burr & Forman on

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

by Stoel Rives LLP on

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

by Genova Burns LLC on

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

by Ballard Spahr LLP on

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

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