The Securities Litigation Uniform Standards Act (SLUSA) precludes plaintiffs from bringing most state law class action claims in either state or federal court based on alleged misrepresentations or omissions made "in connection with" the purchase or sale of covered securities. SLUSA essentially precludes plaintiffs from attempting to impose state standards of liability for what is in substance a securities fraud claim involving nationally-traded securities. In Chadbourne v. Troice, 571 U.S. 377 (2014), the Supreme Court held that to bring a claim within SLUSA, the fraudulent misrepresentation or omission must be material to a decision by an investor to buy or sell a covered security.