Securities Suit In NY Court Survives Post-Cyan Dismissal Bid

Law360 (February 26, 2020, 9:31 PM EST) -- A New York judge on Wednesday kept alive the central claims in a shareholder suit accusing a Chinese peer-to-peer lender of hiding predatory practices ahead of its initial public offering, in what is among the first denials of a motion to dismiss in New York state court following a controversial 2018 U.S. Supreme Court decision.

Cyan v. Beaver County Employees Retirement Fund effectively allowed securities class actions to be concurrently pursued in both federal and state courts, the latter of which are perceived by some attorneys to be more plaintiff-friendly than federal courts due to what they believe are more relaxed...

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