The High Court's Key Jurisdiction Question In Manning

Law360, New York (September 1, 2015, 10:55 AM EDT) -- To resolve a long-standing circuit split over the scope of U.S. Securities and Exchange Commission jurisdiction, the U.S. Supreme Court has granted writ of certiorari in Manning v. Merrill Lynch Pierce Fenner & Smith Inc. Merrill contends that federal courts have jurisdiction over the case under Section 27 of the Securities Exchange Act of 1934 (“the Exchange Act”) because Manning’s state-level causes of action allege violations of the SEC’s Regulation SHO.

The circuit courts are divided on whether federal jurisdiction can be grounded in the first...
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