News & Analysis as of

Removal

IPOs and Registered Offerings Beware – Supreme Court Decision Risks Increased Lawsuits in State Courts

by Bass, Berry & Sims PLC on

On March 20, 2018, a unanimous United States Supreme Court, in Cyan, Inc. v. Beaver Cty. Employees Ret. Fund, No. 15-1439, 2018 WL 1384564, answered two questions concerning investors' ability to pursue alleged violations of...more

Supreme Court Rules That Securities Act Class Actions May Proceed in State Court

by Fenwick & West LLP on

The U.S. Supreme Court has ruled that class action plaintiffs can bring claims under the Securities Act of 1933 in either state or federal court. ...more

Race to the State Courthouse?: How the Ruling in Cyan Changes Where and How Securities Actions Are Fought

by BakerHostetler on

On March 20, 2018, the Supreme Court unanimously ruled in Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439, that securities plaintiffs could bring class actions under the Securities Act of 1933 (“Securities...more

Supreme Court in Cyan Upholds State Court Securities Act Class Actions

In Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439, decided on March 20, 2018, the Supreme Court unanimously held that class actions based solely on the Securities Act of 1933 (33 Act) may be brought in...more

Court Reversed Order Removing Trustee Where Trustee Did Not Receive Notice Of The Hearing

by Winstead PC on

In In re Estate of Moore, the court of appeals addressed the proper procedure for removing an acting trustee and appointing a successor trustee. No. 08-14-00298-CV, 2018 Tex. App. LEXIS 1950 (Tex. App.—El Paso March 15, 2018,...more

U.S. Supreme Court Permits Federal Class Action Securities Cases to Proceed in State Court

by Weiner Brodsky Kider PC on

The U.S. Supreme Court recently ruled that state courts retain jurisdiction over federal class actions securities cases for violations of the Securities Act of 1933. The Court was unanimous in confirming that when Congress...more

Supreme Court's Cyan Decision Means Open Season for Investor Class Actions After IPOs

by Pepper Hamilton LLP on

The U.S. Supreme Court issued a unanimous decision on March 20 holding that investors are free to file securities class action lawsuits challenging the veracity of stock registration statements under Section 11 of the...more

Supreme Court Rules on State Court Jurisdiction over Securities Act Lawsuits

by Jones Day on

In recent years, plaintiffs increasingly have challenged initial public offerings by filing securities class actions in state courts, especially California, due to an unsettled jurisdictional question. In Cyan, Inc. v. Beaver...more

SCOTUS: Pure ‘33 Act Class Actions Not Removable Under SLUSA

by Burr & Forman on

A unanimous Supreme Court recently held that “covered class actions” over exchange-traded securities are not removable from state courts under SLUSA when they assert only ‘33 Act claims....more

FACTA Cases Continue to Present Ideal Targets for Spokeo Challenges-Eleventh Circuit Defendants Take Particular Notice

We’ve already written about Spokeo, Inc. v. Robins, 136 S. Ct. 1540 (2016), in which the Supreme Court reaffirmed that all federal plaintiffs, even those alleging a statutory violation, must have suffered a real, concrete...more

Alert: Supreme Court Allows Securities Act Class Actions to Remain in State Court

by Cooley LLP on

Last Tuesday, the Supreme Court issued its opinion in Cyan Inc. v. Beaver County Employees Retirement Fund. The opinion by Justice Elena Kagan for a unanimous court answered two questions: Did the Securities Litigation...more

U.S. Supreme Court Holds In Cyan That SLUSA Does Not Divest State Courts Of Jurisdiction Over Federal Securities Act Claims And...

by Shearman & Sterling LLP on

On March 20, 2018, the Supreme Court of the United States, in a unanimous decision delivered by Justice Kagan, ruled that state courts have jurisdiction to adjudicate class actions brought under the Securities Act of 1933...more

Issuers Face Changing Litigation Landscape, Challenges Due to Supreme Court Ruling

by Mintz Levin on

In a boon for public company shareholder plaintiffs this week, the U.S. Supreme Court upheld state courts’ concurrent jurisdiction over securities class actions alleging violations of certain federal securities laws. The...more

Supreme Court Holds State Courts May Continue to Hear Certain Federal Securities Claims

by Ropes & Gray LLP on

On March 20, 2018, the Supreme Court held that shareholders may pursue securities class actions alleging false or misleading prospectuses in either state or federal court. In Cyan, Inc. v. Beaver County Employees Retirement...more

U.S. Supreme Court Confirms State Courts Can Resolve Covered 1933 Act Class Actions

by Perkins Coie on

On Tuesday, a unanimous U.S. Supreme Court held that state courts have jurisdiction to hear “covered” class-action claims under the Securities Act of 1933 (1993 Act), and that defendants may not remove such claims to federal...more

US Supreme Court Upholds State Court Jurisdiction for Class Actions Under Securities Act of 1933

by Morgan Lewis on

In a decision that has implications for both corporate and individual defendants, the US Supreme Court ruled that class actions being brought under the Securities Act of 1933 must remain in state court. As a result,...more

Supreme Court Affirms State Courts Have Jurisdiction To Hear Federal Securities Act Class Actions In Cyan, Inc. V. Beaver County...

Earlier this week, the U.S. Supreme Court issued its highly anticipated ruling in Cyan, Inc. v. Beaver County Employees Retirement Fund, which addresses whether state courts have jurisdiction over securities class actions...more

Cyan Makes SLUSA Removal Proponents Feel Blue: Supreme Court Holds That Securities Act Of 1933 Class Actions Can Stay In State...

by Carlton Fields on

On March 20, the Supreme Court reached two holdings important to securities litigators. First, the Court held that the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) did not strip state courts of their ability...more

Supremes Hold SLUSA Is Clear – 33 Act Class Claims Stay in State Court

by BakerHostetler on

Yesterday, the United States Supreme Court, in a unanimous decision, handed class action plaintiffs a victory by holding that the Securities Litigation Uniform Standards Act of 1998 (SLUSA) allows them to pursue alleged...more

Supreme Court: SLUSA Does Not Prohibit State Court Jurisdiction Over Securities Act Class Actions

by Latham & Watkins LLP on

In Cyan, Inc., the Justices unanimously decide that state courts have jurisdiction over federal Securities Act class actions. Key Points: ..Resolves split of authority on whether the Securities Litigation Uniform...more

Supreme Court Affirms State Courts’ Jurisdiction Over 1933 Act Claims

by Seyfarth Shaw LLP on

Seyfarth Synopsis: In a much-awaited decision on which courts and counsel have reached different conclusions for years, the United States Supreme Court held on March 20, 2018 that the Securities Litigation Uniform Standards...more

Supreme Court Confirms State Court Jurisdiction of ’33 Act Claims

A unanimous ruling rejects arguments that SLUSA eliminates concurrent state-court jurisdiction of “covered class actions” brought under the Securities Act of 1933, or at least permits the removal of such actions. Supreme...more

The Supreme Court Holds that State Courts Have Jurisdiction over Certain Securities Class Actions

• The United States Supreme Court held that certain securities class actions affecting issuer defendants may be brought in state court and may not be removed to federal court. • The decision will likely extend or expand...more

U.S. Supreme Court’s Cyan Decision Confirms State Courts’ Jurisdiction Over Securities Act of 1933 Class Actions

by King & Spalding on

On March 20, 2018, the United States Supreme Court issued a unanimous decision in Cyan, Inc. v. Beaver County Employees Retirement Fund. Cyan resolves a nearly two-decades-long split among state and federal courts concerning...more

U.S. Supreme Court Rules Some Securities Class Actions May Proceed In State Court

by Fox Rothschild LLP on

Dealing a blow to businesses with initial public offerings in their future or recent past, the U.S. Supreme Court unanimously held that state courts may exercise jurisdiction over class action cases filed solely under the...more

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