8th Circ. Says SLUSA Sinks Customer Suit Against Scottrade
By Jon Hill (January 9, 2018, 10:00 PM EST) -- An Eighth Circuit panel on Tuesday affirmed the dismissal of a proposed class action alleging that Scottrade Inc. violated its duty to seek the best execution for its customers by steering their limit orders to venues that pay it rebates, agreeing with a Missouri federal court that the Securities Litigation Uniform Standards Act precludes the suit.
The three-judge panel rejected the arguments from plaintiff and Scottrade customer Nicholas Lewis that his suit, which included only state law claims, didn't run afoul of SLUSA's bar on state law class actions that allege fraud or deception in connection with a securities transaction....
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