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September 7, 2017

Coalition Asks SCOTUS to Take Securities Class Action Jurisdiction From State Courts

A number of industry groups, including the U.S. Chamber of Commerce, law professors and public companies have filed amicus briefs to the U.S. Supreme Court urging it to find that state courts do not have jurisdiction over class actions regarding securities offerings, according to Law360.

On brief said the “current litigation landscape risks a return to the era of unchecked abuses” before the reforms of the late 1990s that removed state court jurisdiction over securities class actions. Continued growth of state litigation will “curtail the competitiveness of U.S. markets and force capital-raising overseas,” said another.

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