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

Law360 (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...
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