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On Dec. 20, 2011, New York’s highest court held that the Martin Act (General Business Law art 23-A)—New York’s “blue sky” law—does not preempt a plaintiff’s common-law causes of action for breach of fiduciary duty and gross negligence regarding the alleged mismanagement of an entity’s portfolio, as long as such claims are not predicated solely on a violation of the Act (or its implementing regulations) and would exist separate from the Act. (See Assured Guaranty (U.K.) Ltd. v. J.P. Morgan Inv. Management Inc., ___ N.E. 2d ___, 2011 WL 6338898 (N.Y.), 2011 N.Y. Slip Op. 09162.)

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