Justices Wary Of State Securities Class Actions

Law360, New York (January 19, 2006, 12:00 AM EST) -- U.S. Supreme Court justices appeared skeptical in hearings this week about whether Congress intended to allow class actions to proliferate in state courts while cracking down on those brought in federal courts.

The case was brought before the Court after two U.S. appeals courts offered differing opinions on the scope of the Securities Litigation Uniform Standards Act, passed by Congress in 1998.

Two justices -- Ruth Bader Ginsburg and Stephen Breyer – appeared especially wary of letting securities class action suits run rampant in state courts...
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