SLUSA Bars Removal Of Securities Suit To Federal Court, Judge Rules

(March 15, 2016, 10:44 AM EDT) -- SAN JOSE, Calif. — The Securities Act of 1933, as amended by the Securities Litigation Uniform Standards Act of 1998, bars removal of securities class actions stating claims only under the Securities Act, and removal of a securities class action lawsuit from state court was improper, a federal judge in California ruled March 3 in remanding the action to state court (Simon Fraser v. Brian Wuebbels, et al., No. 15-6326, N.D. Calif.; 2016 U.S. Dist. LEXIS 28105).

(Order available. Document #57-160321-084R.)

Shareholder Simon Fraser filed a...
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