9th Circ. Sets Terms For SLUSA Del. Carve-Out

Law360, New York (February 12, 2009, 12:00 AM EST) -- A federal appeals court on Wednesday ruled that shareholders of a company can sue their financial advisers over bad advice provided during mergers and other special situations under the Delaware carve-out of the Securities Litigation Uniform Standards Act, reversing a lower court ruling.

The U.S. Court of Appeals for the Ninth Circuit ruled that a group of 63 shareholders of St. Joseph Medical Corp. could sue Cowen & Co. in California state court because SLUSA preserves state law actions by shareholders against their corporations, or any...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.