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Romano v. Kazacos

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Argued: September 11, 2009

Before: B.D. PARKER, WESLEY, Circuit Judges, RESTANI, Judge.*fn1

The Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) precludes plaintiffs from filing certain class actions in state courts that allege fraud in connection with the purchase or sale of nationally traded securities. 15 U.S.C. § 78bb(f)(1). Plaintiffs-appellants in these consolidated appeals, who are Xerox and Kodak retirees, filed class action complaints in New York State Supreme Court, which purported to raise state law claims. They alleged that employees of Morgan Stanley & Co., Inc. misrepresented that if appellants were to retire early, their investment savings would be sufficient to support them through retirement. If SLUSA applies, appellants are precluded from bringing the actions in state court and defendants are entitled to remove them to federal court, where they are subject to dismissal. 15 U.S.C. § 78bb(f)(1). Defendants-appellees removed the actions to the United States District Court for the Western District of New York (Larimer, J.), where appellants moved to remand the cases and defendants moved to dismiss them. After affording appellants an opportunity to amend their complaints to state federal claims, an opportunity appellants declined, the District Court denied the motions to remand and dismissed the actions. We find that SLUSA’s preclusion provision applies and, therefore, we affirm.

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