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State Securities Suits Hamper Markets, Justices Told

Law360, New York (September 6, 2017, 8:34 PM EDT) -- Law professors, industry groups and recently public companies have banded together to urge the U.S. Supreme Court to find state courts don’t have jurisdiction over class actions related to securities offerings, saying confusion over the issue is leaving issuers exposed and damaging confidence in stock markets.

The friends of the court all filed briefs in support of network support products provider Cyan Inc., which has asked the Supreme Court to find that the Securities Litigation Uniform Standards Act of 1998, or SLUSA, removed state courts’ jurisdiction...
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