Market Timing Suits Preempted By SLUSA: 4th Circ.

Law360, New York (February 2, 2009, 12:00 AM EST) -- A federal appeals court has upheld the dismissal of four securities cases accusing insurers of negligently exposing certain types of annuity investments to market timing, thereby diluting their value.

Issued Friday, the per curiam opinion by the U.S. Court of Appeals for the Fourth Circuit upheld the dismissals based on the lower court's determination that the lawsuits were preempted by the Securities Litigation Uniform Standards Act of 1998.

The appeals court noted that, in an effort to avoid such preemption, the plaintiffs had amended their complaints...
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