Securities brokers who allegedly put their interests ahead of customers by selling their own stock before processing client sell orders can no longer rely on federal preemption to avoid lawsuits under California's unfair competition law, a state appeals court ruled. The decision, both parties say, will have a significant impact on the future of securities litigation in the state.
April 28, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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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