SLUSASecurities Litigation Uniform Standards Act of 1998
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The reason that this time period was chosen is because SLUSA and Regulation FD passage took place during this period (1998 and 2000 respectively).
In October 2011, Dallas federal judge David Godbey ruled that SLUSA preempted the state law class-action litigation, noting that many investors sold securities to invest in the CDs, but the 5th U.
So in 1998, Congress passed SLUSA as an attempt to stop plaintiffs from circumventing the PSLRA.
SLUSA preempts only claims that are "in connection with
More recently, the Court decided several cases in which defendants invoked the protective provisions of the SLUSA and the PLSRA.
98) In general, SLUSA applies to lawsuits in which damages are sought on behalf of more than 50 people.
One problem is that a stockholder action based on the duty of candor might be deemed to be a (direct) class action, precluded under SLUSA even though it seeks recovery by the corporation.
Because of this, a material misrepresentation or omission in connection with the merger is a 'necessary component' of plaintiffs' claim and such a claim is precluded by SLUSA.
1503, 1507 (2006), that SLUSA operates to preempt even those state class action claims for which there is no federal right of recovery.
Editorial covers such topics as alleged securities fraud, insider trading and other violations of federal securities laws, SEC proposed regulatory changes, SLUSA, fiduciary duty to shareholders and accountant liability.
The SLUSA of 1998 establishes uniform national rules for securities class actions involving national capital markets.