Panel: Court Did Not Err In Ruling That Claims Were Preempted By SLUSA

Mealey's (January 10, 2018, 2:16 PM EST) -- ST. LOUIS — A federal district court did not err in dismissing an investor’s class action lawsuit against a securities brokerage for allegedly violating the terms of its “duty of best execution” because the investor’s claims were preempted by the Securities Litigation Uniform Standards Act (SLUSA), an Eighth Circuit U.S. Court of Appeals panel ruled Jan. 5 in affirming (Nicholas Lewis v. Scottrade Inc., No. 16-3808, 8th Cir., 2018 U.S. App. LEXIS 493)....