High Court Mends SLUSA Loophole

Law360, New York (March 21, 2006, 12:00 AM EST) -- Ruling in favor of Merrill Lynch & Co. in a landmark case, the U.S. Supreme Court decided Tuesday to close a gap in class-action securities litigation that had permitted some shareholder lawsuits to continue in state courts.

The justices stated that civil suits dealing with investors who maintain their stocks and claim securities fraud are required, under securities lawsuit reforms approved by Congress in the 1990s, to litigate in federal court just like investors who claim fraud after trading a security, according to a unanimous opinion...
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