(November 12, 2015, 8:32 AM EST) -- WASHINGTON, D.C. — In merits briefs filed in the U.S. Supreme Court recently, parties in a securities class action lawsuit asked the U.S. Supreme Court to determine whether Section 27 of the Securities Exchange Act of 1934 “provides federal jurisdiction over state-law claims seeking to establish liability based on violations of the Act or its regulations or seeking to enforce duties created by the Act or its regulations” (Merrill Lynch, Pierce, Fenner & Smith Inc., et al. v. Greg Manning, et al., No. 14-1132, U.S. Sup.)....