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The Supreme Court Rejects Attempt To Assert State Law Holder Class Actions

By John A. Reding, Peter M. Stone and Edward Han

A Unanimous Ruling by the Supreme Court in its First Case Interpreting the Securities Litigation Uniform Standards Act of 1998 Concludes that the Act Preempts Class Securities Fraud Suits, Not Only By Purchasers and Sellers, But By Investors Who Held Onto Covered Securities.