A federal judge in New York has permitted a securities class action lawsuit filed against defense contractor L-3 Communications Holdings to proceed in New York’s state court.
The company and certain officer and director defendants argued that the breach of fiduciary duty claims brought in the suit were barred under the Securities Litigation Uniform Standards Act (SLUSA). But Southern District of New York Judge John G. Koeltl, in Indiana Electrical Workers Pension Trust Fund v. Millard, 07 Civ. 172, held that the claims fell within a provision of the act that “exempts certain class actions” from being dismissed.
