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Supreme Court Decision May Establish SLUSA Precedent

Law360 (January 18, 2006, 12:00 AM EST) -- The U.S. Supreme Court heard the opening arguments Wednesday in a case that could set an important precedent for class action lawsuits filed in state courts.

The case, Merrill Lynch v. Dabit, centers on the scope of the Securities Litigation Uniform Standards Act, a 1998 bill designed to limit class action securities litigation to federal courts.

“This is an opinion that is very important to the industry because it goes to the heart of the SLUSA preemption, said Jim Hamilton, a senior law analyst for CCH,...
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