Editor's Note :

Editor's Note :

We expect orders from the February 24 conference on Monday at 9:30 a.m. There is a possibility of opinions on Wednesday, March 1.

Willis of Colorado Inc. v. Troice

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Docket No. Op. Below Argument Opinion Vote Author Term
12-86 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: Whether a covered state law class action complaint that unquestionably alleges “a” misrepresentation “in connection with” the purchase or sale of a security covered by the Securities Litigation Uniform Standards Act nonetheless can escape the application of SLUSA by including other allegations that are farther removed from a covered securities transaction.
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