It is a familiar maxim in civil litigation that where plaintiffs may sue often dictates how they may sue. This is particularly true in the area of securities class action lawsuits. Strict federal reforms have increasingly led plaintiffs to seek to bring their claims in state court, where they are often subject to less stringent pleading requirements and other standards that could have a significant impact in determining the outcome of such cases.
In the wake of the recent financial and credit markets crisis, courts nationwide have had to confront a wave of securities class actions. Some of these have involved the publicly traded securities of well-known companies, but many concern lesser-known investments such as mortgage-backed securities that have come to symbolize the recent era of exuberance in the financial markets.
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