Supreme Court Shields Shareholder Access To State Court

Law360, New York (May 16, 2016, 11:11 PM EDT) -- A unanimous U.S. Supreme Court on Monday sent a suit against a Merrill Lynch unit back to state court and, in doing so, established a new test for removing securities cases, handing the plaintiffs bar a win in a surprisingly harmonious ruling that notably attracted a concurrence from odd couple Justice Clarence Thomas and Justice Sonia Sotomayor.

In holding that the Securities Exchange Act does not block shareholders in Escala Group Inc. from bringing their claims in a New Jersey court under the state's securities and anti-racketeering laws, the majority elected to apply the jurisdictional test used under Section 1331 of...

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