Awaiting High Court Answer On Post-Cyan Discovery Issue

Law360 (July 20, 2021, 1:35 PM EDT) -- Over three years ago, in March 2018, the U.S. Supreme Court handed down its decision in Cyan Inc. v. Beaver County Employees Retirement Fund.[1]

The court unanimously held that: (1) class actions alleging Securities Act claims may be brought in state court, and (2) such actions are not removable to federal court.[2]

This led to what many have described as a peculiar result: Class actions asserting solely federal claims under the Securities Act could not be heard in federal court if the plaintiff first brings them in state court.

It also left securities litigators on the edge of their seats with...

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