U.S. SUPREME COURT: NOTWITHSTANDING SLUSA, STATE COURTS RETAIN CONCURRENT JURISDICTION FOR SECURITIES ACT OF 1933 CLAIMS

In a unanimous March 20, 2018 opinion written by Justice Elena Kagan, the U.S. Supreme Court held that state courts retain concurrent jurisdiction over class  action lawsuits alleging only violations of the Securities Act of 1933’s (’33 Act) liability provisions, and that these state court class action lawsuits are not removable
to federal court. The court’s holding resolves a lower court split on the question of whether the Securities Litigation Uniform Standards Act of 1998 (SLUSA)  eliminated concurrent state court jurisdiction for these ’33 Act class action lawsuits or made the state court ’33 Act lawsuits removable to federal court.

VolXVI-issue3-Spring2018