Defending Securities Act Claims In Texas State Court: Part 2

Law360 (May 7, 2019, 2:53 PM EDT) -- The U.S. Supreme Court's ruling last year in Cyan Inc. v. Beaver County Employees Retirement Fund allowed securities class action plaintiffs to pursue public offering claims in state courts. In Cyan, the high court held that: (1) state courts have jurisdiction to hear class actions brought under the federal Securities Act of 1933; and (2) the Securities Litigation Uniform Standards Act, or SLUSA, does not empower defendants to remove class actions alleging only 1933 Act claims from state to federal court.

The practical effect of the Supreme Court's decision is that more public offering securities are now being litigated in state courts....

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