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Justices Wary Of Moving 'Naked Shorts' Suit Out Of NJ Court

Law360, New York (December 1, 2015, 9:25 PM EST) -- U.S. Supreme Court justices on Tuesday sharply questioned Merrill Lynch’s claims that a shareholder suit accusing it and other companies of an illegal short-selling campaign doesn’t belong in New Jersey state court, with several judges wondering whether federal securities laws necessarily preempt such a suit.

The high court held oral arguments in Merrill Lynch et al. v. Manning et al., a shareholder claim that could help define the parameters of state-based securities litigation. It came to the Supreme Court on an appeal from the Third Circuit,...
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