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Case Moved On Merrill V. Dabit Precedent

Law360 (November 17, 2006, 12:00 AM EST) -- T. Rowe Price International Funds Inc. and a group of co-defendant investment companies named in a 2003 securities class action suit succeeded Wednesday in getting their case moved from an Illinois circuit court to a federal district court.

The defendants based their notice of removal on the U.S. Supreme Court’s March ruling in Merrill Lynch v. Dabit, which closed a loophole that had previously permitted some shareholder class actions to continue in state courts.

In that case, the justices ruled that investors who maintained stocks and...
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