News & Analysis as of

SLUSA Class Action

U.S. Supreme Court Hears Oral Argument In Case That Raises Issue Of Whether State Courts Have Jurisdiction Over Securities Act...

by Shearman & Sterling LLP on

On November 28, 2017, the U.S. Supreme Court heard argument in Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439, a case addressing whether state courts have jurisdiction over class actions asserting...more

Inside the Courts – An Update From Skadden Securities Litigators - November 2017/ Volume 9 / Issue 4

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between August 2017 and October 2017....more

Dealing with Competing Class Actions, Part One – Race to Judgment and First-to-File Rule

Multiple actions involving the same subject matter and the same defendant are a common feature of the U.S. class action landscape. In this series of blog posts, we’ll examine the problem of competing class actions, which...more

Investment Services Regulatory Update - September 2017

by Vedder Price on

Market and Product Developments - Securities Industry Implements T+2 Settlement Cycle - On September 5, 2017, the securities industry transitioned to a shorter settlement cycle for most broker-dealer securities...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

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

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

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

"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

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

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

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

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

Inside the Courts: An Update From Skadden Securities Litigators - February 2016 / Volume 8 / Issue 1

We are pleased to present Inside the Courts (Volume 8, Issue 1), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

Section 11 Class Actions And The Magna Carta

by Allen Matkins on

If you had a dispute in Medieval England, it would likely be heard in the court of the local baron. Some disputes, however, caught the interest of the monarch and would be heard in a royal court. In the twelfth century,...more

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