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Congress Put Securities Suits In Fed. Court, Justices Told

Law360, New York (August 28, 2017, 8:25 PM EDT) -- Network support products provider Cyan Inc. told the U.S. Supreme Court on Monday that Congress intended to limit jurisdiction over class actions related to securities offerings to federal courts, saying that to rule otherwise would leave a major regulatory loophole.

Cyan filed its opening brief Monday after the Supreme Court agreed in June to consider whether the Securities Litigation Uniform Standards Act of 1998, or SLUSA, removed state courts’ jurisdiction over securities class actions brought under the Securities Act of 1933.

The clause in question “should...
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