Appellate Division, First Department at 27 Madison Ave. (Photo by David Handschuh/NYLJ) Post-'Cyan' Developments in the First Department
Recently, several motion to dismiss decisions have been appealed to the New York Appellate Division, First Department. As the First Department navigates Securities Act cases in New York, these decisions provide important guidance for plaintiffs and defendants alike on pivotal questions of first impression covering applicable pleading standards, damages, standing and the applicability of the PSLRA.
June 09, 2021 at 12:45 PM
7 minute read
Following the U.S. Supreme Court's decision in Cyan v. Beaver County Employees Retirement Fund, 138 S. Ct. 1061 (2018)—affirming state courts' concurrent subject matter jurisdiction over class actions alleging claims under the Securities Act of 1933 (Securities Act)—several securities cases were brought in the Commercial Division of New York Supreme Court. Recently, several motion to dismiss decisions have been appealed to the New York Appellate Division, First Department. As the First Department navigates Securities Act cases in New York, these decisions provide important guidance for plaintiffs and defendants alike on pivotal questions of first impression covering applicable pleading standards, damages, standing and the applicability of the Private Securities Litigation Reform Act of 1995 (PSLRA).
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