SLUSA Preempts State-Law Claim V. BofA: 8th Circ.

Law360, New York (June 16, 2008, 12:00 AM EDT) -- For the second time in less than a month, 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.

Judge Bobby E. Shepherd of the U.S. Court of Appeals for the Eighth Circuit said Monday that the complaint brought by a group of beneficiaries of fiduciary accounts was essentially identical to another case that the same court found last month to preempted by SLUSA.

The class...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.