(l-r) Robert L. Hickok, Jay A. Dubow, and Brian Callaway of Troutman Pepper Hamilton Sanders. Courtesy photos High Court to Decide Whether Automatic Stay of Discovery Applies in State Court Securities Litigation
The U.S. Supreme Court is poised to determine whether state courts must stay discovery in lawsuits alleging violations of federal securities law while motions to dismiss are pending.
August 30, 2021 at 11:14 AM
7 minute read
Securities Litigation
The U.S. Supreme Court is poised to determine whether state courts must stay discovery in lawsuits alleging violations of federal securities law while motions to dismiss are pending. If the court rules that state courts must impose such stays while the legal sufficiency of complaints are challenged, it would extend the mandatory stays on discovery already imposed in federal court litigation. Such a ruling would be a win for issuers and underwriters of IPOs, who have faced an increase in state court litigation and related expenses in recent years.
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