4 NY Cases Forge Post-Cyan Securities Litigation Landscape

By Kevin Broughel, Anthony Antonelli and Amanda Pober (August 29, 2019, 3:22 PM EDT) -- The U.S. Supreme Court in its 2018 landmark decision in Cyan Inc. v. Beaver County Employees Retirement Fund[1] unanimously held that state courts have concurrent subject matter jurisdiction over class actions that exclusively allege claims under the Securities Act of 1933. Predictably, the plaintiffs have responded by bringing more Securities Act claims in state courts around the country, and practitioners have been closely following these cases to determine the impact of Cyan as state court procedure intermixes with substantive federal securities law principles.

Among the jurisdictions being closely watched is New York, and with good reason. According to Cornerstone Research Inc.,...

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