Seventh Circuit Overrides a Forum Selection Bar in Federal Securities Lawsuits

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A recent ruling by the Seventh Circuit in Seafarers Pension Plan v. Bradway addresses the issue of where shareholder derivative lawsuits may be filed when the company at issue has a forum selection clause in its bylaws. The Seventh Circuit’s decision is the latest in a string of high-profile decisions that analyze whether companies can require lawsuits to be brought in courts of their preference. But unlike previous decisions, this decision may encourage shareholder plaintiffs to seek to bring derivative suits in courts within the Seventh Circuit notwithstanding bylaws that suggest otherwise.

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