Securities brokers who allegedly put their interests ahead of their customers can no longer rely on federal pre-emption to avoid lawsuits under California’s unfair competition law, the 1st District Court of Appeal ruled Thursday.
The decision in Roskind v. Morgan Stanley Dean Witter & Co., 00 C.D.O.S. 3259, widens the scope of California’s consumer protection law and, both parties say, will have a significant impact on the future of securities litigation in the state.
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