Analysis

Justices Cut Through 'Gibberish' To Uphold Shareholder Suits

Law360 (March 20, 2018, 9:15 PM EDT) -- The U.S. Supreme Court on Tuesday showed it could cut a direct path through difficult statutory language when it ruled that investors could keep bringing certain securities class actions in state courts — and issued a decision that defense attorneys warned will cause a flood of new shareholder suits before state judges around the country.

The 9-0 decision in Cyan Inc. v. Beaver County Employees Retirement Fund found the justices roundly rejecting the former telecommunications company's arguments that a 1998 law had precluded investors from bringing certain securities class actions anywhere but in federal court.

In doing so, the high court showed that statutory...

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