The U.S. Supreme Court has staked out an overriding federal interest in the resolution of class action lawsuits stemming from securities fraud. The justices ruled 8-0 on Tuesday that Merrill Lynch should have been shielded from a suit, filed under Oklahoma state law, by brokers who alleged the company disseminated misleading research. Justice John Paul Stevens stressed that "federal law, not state law, has long been the principal vehicle for asserting class-action securities fraud claims."
March 22, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The U.S. Supreme Court has staked out an overriding federal interest in the resolution of class action lawsuits stemming from securities fraud.
“The magnitude of the federal interest in protecting the integrity and efficient operation of the market for nationally traded securities cannot be overstated,” Justice John Paul Stevens wrote for the Court on Tuesday in Merrill Lynch, Pierce, Fenner & Smith v. Dabit, 04-1371.
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