Financial Services Group: Cyan Ruling Alert

July 31, 2018

In a decision that was anxiously anticipated, on March 20, 2018, the United States Supreme Court ruled that state courts have jurisdiction over securities class action lawsuits based only on claims brought under the Securities Act of 1933 (“1933 Act”). Cyan, Inc. et al. v Beaver County Employees Retirement Fund, et al. 583 U.S.______(2018). Justice Kagan delivered the unanimous opinion of the Court, holding that state courts have concurrent jurisdiction over class action lawsuits that allege only 1933 Act violations, and defendants in such lawsuits may not remove the litigation to federal court.

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