The U.S. securities litigation system is actively exploited by plaintiffs’ lawyers who routinely force investors to pay hundreds of millions of dollars in unjustified litigation and settlement costs each year. ILR’s recently released ILR Briefly: Courting Confusion: Federal Securities Class Actions Don’t Belong In State Court which looks at how the U.S. Supreme Court’s 2018 Cyan decision exacerbated the problem by permitting plaintiffs to litigate a significant category of federal securities class action cases—those asserting claims under the Securities Act of 1933 —in state courts and in federal court.
This episode of Cause for Action dives into Courting Confusion, the Cyan decision, the Securities Act of 1933, and reforms that could ensure a fairer securities system for all. The episode features a conversation between Kevin LaCroix, an attorney, and author of the influential and widely-followed D&O Diary, and Andrew Pincus, a partner at Mayer Brown and the author of Courting Confusion.
