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SLUSA And State Court Securities Actions

Law360, New York (June 24, 2011, 4:25 PM EDT) -- The question before the Court of Appeals of the State of California was whether a securities class action commenced in the state court of California was to be dismissed under the Securities Litigation Uniform Standards Act because it was not brought in federal court.

At first glance most practitioners would say that securities class actions are to be brought in the federal system and covered by the federal pleading and class action requirements.

Not so fast, says the California court in Luther v. Countrywide Financial Corporation...
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