Circuit OKs Dismissal Of BofA Securities Claims

Law360, New York (May 19, 2008, 12:00 AM EDT) -- A U.S. appellate court has ruled that trust account beneficiaries are preempted from filing class action state-law claims against Bank of America NA by the Securities Litigation Uniform Standards Act.

The U.S. Court of Appeals for the Eighth Circuit upheld on Monday a lower court dismissal of a purported class action filed by the beneficiaries against Bank of America and its affiliated investment companies.

The plaintiffs had sued the bank in the U.S. District Court for the Eastern District of Missouri for investing their money in...
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