9th Circuit Affirms Lack Of Federal Jurisdiction In Stock Redemption Suit

Mealey's (January 3, 2017, 11:38 AM EST) -- SAN FRANCISCO — The Securities Litigation Uniform Standards Act does not provide an independent basis for federal question jurisdiction under 28 U.S. Code Section 1331, a Ninth Circuit U.S. Court of Appeals panel ruled Dec. 21, affirming the dismissal of a class action breach of contract complaint for lack of subject matter jurisdiction (David Rainero v. Archon Corporation, No. 14-17106, 9th Cir.; 2016 U.S. App. LEXIS 22893)....

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