We hold that the plain language of SLUSA
's "covered class action" definition includes any class action brought by a named plaintiff on a representative basis, regardless of the proposed class size.
Goldberg and Holtz have widened an already significant split of authority among the circuit courts of appeal regarding SLUSA
by then circuit judge, Sonia Sotomayor, on the ground that SLUSA
Subsequently, in 1998, Congress enacted SLUSA
. (62) The statute preempted state-court litigation for "covered class actions" in order to ensure that those cases were subject to the provisions of the PSLRA.
counterpart, even after the interdiction of SLUSA
and Regulation FD in the U.S.
Given that the majority of constraints in issuing a voluntary earnings forecast, as exhibited in extant literature, still apply to both study periods, one major condition that has changed between the two sample periods is the enactment of SLUSA
. Therefore, the Act must be considered as at least having an influence In both the increase of total number of forecasts and in number of forecasts per firm.
A district court judge ruled in October 2011 that SLUSA
preempted the plaintiffs' suits.
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.S.
The Roberts Court has issued numerous decisions regarding the PSLRA, enacted in 1995, and the Securities Litigation Uniform Standards Act (the "SLUSA
"), enacted in 1998.
SECURITIES LITIGATION UNIFORM STANDARDS ACT (SLUSA
): A federal law, SLUSA
amends the '33 Act and '34 Act to preempt state-based securities class actions alleging fraud under state law "in connection with the purchase or sale" of securities.
The 5th Circuit recently addressed an issue of first impression concerning the breadth of the preclusion provision of the Securities Litigation Uniform Standards Act (SLUSA
), which prevents plaintiffs from filing state law class action lawsuits alleging fraud tied to nationally traded securities.
The court rejected this argument, holding the claims to be preempted by SLUSA
. It found that according to the plaintiffs' own allegations, the funds in which they had invested were "essentially cursory pass-through vehicles by which investors could place their assets with Madoff." Id.