Justices Keep Securities Class Actions Alive In State Courts
By Ed Beeson (March 20, 2018, 10:18 AM EDT) -- The U.S. Supreme Court on Tuesday ruled that state courts can continue to hear certain securities class actions brought under federal law, delivering a blow to underwriters and newly public companies that argued such claims belong only before federal judges.
The U.S. Supreme Court, in a unanimous decision, have said that amendments to the federal Securities Act of 1933 do not give the federal courts exclusive jurisdiction over covered class actions brought under the law. (Law360) In the matter of Cyan Inc. v. Beaver County Employees Retirement Fund, a unanimous high court said that amendments to the federal Securities Act of 1933 do...
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