By Peter Stone, Scott Carlton and Kiaura Clark ( July 29, 2019, 12:48 PM EDT) -- On July 5, the U.S. Court of Appeals for the Ninth Circuit issued a decision in Banks v. Northern Trust Corporation, addressing the scope of the Securities Litigation Uniform Standards Act of 1998. Relying heavily on the U.S. Supreme Court's 2014 decision in Chadbourne & Parke LLP v. Troice, the Ninth Circuit held that SLUSA did not preclude the plaintiffs' claims under state law because the defendant's fraudulent conduct only had a "tangential relation to the securities transaction."...
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