It’s not often that U.S. Supreme Court Justice Antonin Scalia sees eye to eye with Litigation Daily columnist Susan Beck. But on Wednesday, Scalia joined six other justices in an opinion that Beck foreshadowed last October, when she argued that judges shouldn’t interpret the Securities Litigation Uniform Standards Act too broadly in deciding whether to allow state law investor class actions.
The Supreme Court majority more or less agreed with that view in Wednesday’s ruling, affirming a March 2012 decision by the U.S. Court of Appeals for the Fifth Circuit that green-lighted investor claims against Chadbourne & Parke, Proskauer Rose and other advisers of convicted Ponzi schemer R. Allen Stanford.
