2nd Circuit Weighs In On Class Action Fairness Act

Law360, New York (May 15, 2008, 12:00 AM EDT) -- The U.S. Court of Appeals for the Second Circuit buttressed federal courts' jurisdiction over securities suits brought under state laws, ruling Wednesday to reverse a lower court's decision that remanded a putative class action case to the state court.

Deciding the case of first impression, Judges Dennis Jacobs and Amalya Kearse gave a robust interpretation of the Class Action Fairness Act, which provides a federal forum for securities cases of national impact while charging state courts with authority over cases of “chiefly local” import.

Judge Jacobs...
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