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2nd Circ. Adds To Authority On Securities Law Preclusion

Law360 (August 10, 2018, 2:27 PM EDT) -- Over the past eight months, the Eighth and Ninth Circuits have — consistent with the Seventh Circuit — each held that the Securities Litigation Uniform Standards Act of 1998, or SLUSA, precluded state law claims based on a brokerage firm’s alleged violation of its duty of best execution when routing customer trades.[1] Recently, the Second Circuit joined this line of rapidly growing authority with its decision in Rayner v. E-Trade Financial Corp., which unanimously affirmed the dismissal of a putative class action asserting state law best...
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