Secondary Actors in Securities Transactions Beware: The Supreme Court May Have Aided and Abetted the Prospect of Increased State Court Litigation

Secondary actors in securities transactions, such as lawyers, accountants, investment advisers and brokers, should be on alert in the wake of the Supreme Court's recent decision in Chadbourne & Parke v. Troice, 134 S. Ct. 1058 (2014), which limits the application of the Securities Litigation Uniform Standards Act of 1998 ("SLUSA"). The Court's ruling may result in increased state-law securities litigation against these parties.

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