Out Of Court: Dismissals With Prejudice Under SLUSA

Law360, New York (November 28, 2011, 1:33 PM EST) -- Two recent decisions (by the Sixth and Seventh Circuit Courts of Appeals) affirmed the dismissals with prejudice of putative class actions under the Securities Litigation Uniform Standards Act of 1998 (SLUSA): Brown v. Calamos (7th Cir. Nov. 10, 2011) (Posner, J.); Atkinson v. Morgan Asset Mgmt. (6th Cir. Sept. 8, 2011).

Given the Circuit split regarding when a state court action alleging fraud/misrepresentation in connection with the purchase or sale of a covered security is removable under SLUSA and whether a district court may dismiss a SLUSA-barred action with prejudice, these recent decisions are noteworthy.

SLUSA and the Circuit Split...

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