A securities class action against MoneyGram International Inc. may not be remanded to Delaware’s Superior Court after the U.S. District Court for the District of Delaware ruled for the first time that amendments to the Securities Act of 1933 stripped state courts of jurisdiction over such suits.
The legislative history and the stated purpose of the amendments contained in the 1998 Securities Litigation Uniform Standards Act, U.S. District Chief Judge Leonard P. Stark said, made it clear that the state courts are not “courts of competent jurisdiction” for class actions alleging deception or false statements or omissions of material fact in connection with the sale of a covered security.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
