Dismissal Of SLUSA-Barred Fiduciary Duty Claims Upheld On Appeal To 11th Circuit

Mealey's (June 2, 2022, 10:47 AM EDT) -- ATLANTA — A federal district court’s dismissal of class claims against an investment broker and its parent company was proper because the claims, brought by an investor who alleged that the defendants issued misrepresentations and/or omitted material fact in urging him to invest his IRA account in a variable annuity, are barred by the Securities Litigation Uniform Standards Act (SLUSA), an 11th Circuit U.S. Court of Appeals panel ruled in affirming on May 31....