Wash. Ruling Highlights States' Clashing Securities Decisions

Law360 (November 25, 2019, 2:59 PM EST) -- Last month, the Washington Supreme Court held in Federal Home Loan Bank of Seattle v. Credit Suisse Securities USA LLC that a plaintiff suing for securities fraud under the Securities Act of Washington[1] does not need to prove reliance.[2]

Although the court acknowledged that its decision did not align with decisions in federal courts or other states,[3] it found that the plain language of Washington's blue sky law[4] does not require an investor to show that he or she relied on a misstatement when buying the security. Instead, the court held that a plaintiff seeking rescission for a misstatement made in...

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