High Court To Hear Merrill Lynch Naked Short Selling Suit

Law360, New York (June 30, 2015, 10:03 AM EDT) -- The U.S. Supreme Court on Tuesday granted an appeal from Merrill Lynch, UBS Securities LLC and other financial institutions over a shareholder suit alleging they engaged in illegal and manipulative "naked" short selling.

In a short order, the high court granted the banks' petition for a writ of certiorari, which was filed over a Third Circuit decision to remand the shareholder suit to state court. The justices also granted the Securities Industry and Financial Markets Association leave to file an amicus brief in the matter.

The underlying suit was brought by shareholders in Escala Group Inc., who alleged the financial giants,...

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