7th Circuit Panel Affirms Dismissal Of Securities Suit Pursuant To SLUSA

Mealey's (January 26, 2017, 1:39 PM EST) -- CHICAGO — A federal district court did not err in dismissing a trustee’s breach of fiduciary duty securities class action lawsuit because his claims were preempted by the Securities Litigation Uniform Standards Act of 1998 (SLUSA), a Seventh Circuit U.S. Court of Appeals panel ruled Jan. 23 in a 2-1 decision (Margaret Richek Goldberg, as Trustee under the Seymour Richek Revocable Trust, et al. v. Bank of American N.A., et al., No. 11-2989, 7th Cir.; 2017 U.S. App. LEXIS 1111)....