SCOTUS To Weigh in On Where Securities Class Actions Belong
The court on Tuesday agreed to take up a case that could determine whether securities fraud class actions can move forward in state courts.
June 27, 2017 at 03:06 PM
10 minute read
SAN FRANCISCO — The U.S. Supreme Court on Tuesday agreed to take up a case that could impact a strain of securities class actions that have dogged tech companies in Silicon Valley.
The central controversy in Cyan v. Beaver County Employees Retirement Fund is whether lawsuits brought under federal securities law over alleged false statements prior to an initial public offering can move forward in state court or if they must be removed to federal court.
Although it's a weedy legal issue, lawyers that defend tech companies argue that the lack of clarity has had major consequences. A string of decisions on the question have allowed an end-run around federal legislative reforms meant to curb abusive securities suits, they claim.
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