Defendants: SLUSA Divests State Courts Of Jurisdiction Over ’33 Act Claims

(September 15, 2017, 10:38 AM EDT) -- WASHINGTON, D.C. — The U.S. Supreme Court should overturn a California Superior Court ruling that shareholders in a securities class action are not preempted from bringing their claims under the Securities Act of 1933 by the Securities Litigation Uniform Standards Act (SLUSA) because the provisions of SLUSA divest state courts of jurisdiction over Securities Act claims, defendants in the action argue in an Aug. 28 petitioner brief (Cyan Inc. v. Beaver County Employees Retirement Fund, et al., No. 15-1439, U.S. Sup.)....

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