Editor's Note :

Editor's Note :

There is a possibility of opinions on Tuesday, March 28 and Wednesday, March 29. We will begin live-blogging at this link at 9:45 a.m.
On Tuesday the court hears oral argument in Lee v. United States. Amy Howe has our preview.

Chadbourne & Parke LLP v. Troice

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Docket No. Op. Below Argument Opinion Vote Author Term
12-79 5th Cir. Oct 7, 2013
Tr.Aud.
Feb 26, 2014 7-2 Breyer OT 2013
 
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Disclosure: Goldstein & Russell, P.C., whose attorneys work for or contribute to this blog in various capacities, serves as counsel to the respondents in this case.

Holding: The Securities Litigation Uniform Standards Act of 1988 does not preclude the plaintiffs' state-law class actions contending that the defendants assisted in perpetrating a Ponzi scheme by falsely representing that uncovered securities that plaintiffs were purchasing were backed by covered securities.

Plain English Summary:

Judgment: Affirmed, 7-2, in an opinion by Justice Breyer on February 26, 2014. Justice Thomas filed a concurring opinion. Justice Kennedy filed a dissenting opinion, in which Justice Alito joined.

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Disclosure: Goldstein & Russell, P.C., whose attorneys work for or contribute to this blog in various capacities, serves as counsel to the respondents in this case.   Issue: (1) Whether the Securities Litigation Uniform Standards Act (SLUSA) precludes a state-law class action alleging a scheme of fraud that involves misrepresentations about transactions in SLUSA-covered securities; and (2) whether SLUSA precludes class actions asserting that defendants aided and abetted SLUSA-covered securities fraud when the defendants themselves did not make misrepresentations about the purchase or sale of SLUSA-covered securities.
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