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In an opinion of interest to both plaintiff and defense counsel, the 2nd U.S. Circuit Court of Appeals recently ruled that plaintiffs suing under the Securities Act of 1933 and the Securities Exchange Act of 1934 may co-exist within the same plaintiff class even if the allegations of misrepresentation underlying the ’33 act and ’34 act claims differ.[FOOTNOTE 1] The 2nd Circuit’s decision will likely have the effect of enlarging the size of plaintiff classes in securities class actions as well as increasing the number of claims that defendants will be subject to in class action suits. It bears close consideration by counsel involved in class actions in which both ’33 act and ’34 act claims may be asserted.

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