Trust Can Bring Claims Against Banks: Third Circuit

Law360, New York (March 14, 2008, 12:00 AM EDT) -- A federal appeals court has determined that a bankruptcy trust for a software company is not preempted by federal securities law from bringing state and foreign claims against two Swiss banks.

The U.S. Court of Appeals for the Third Circuit last week vacated a decision by a New Jersey district court that tossed the bankruptcy trust’s claims against Swiss banks Bordier et Cie and Dominick Co. AG based on the Securities Litigation Uniform Standards Act.

In its March 11 ruling, the Third Circuit concluded that SLUSA...
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