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Secondary actors in securities transactions, such as lawyers, accountants, investment advisers and brokers, should be on alert in the wake of the Supreme Court’s recent decision in Chadbourne & Parke v. Troice, 134 S. Ct. 1058 (2014), which limits the application of (and protections provided by) the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”), 15 U.S.C. § 78bb(f)(1).  Historically, SLUSA precluded most state-law securities fraud class actions, reflecting the Congressional intention to centralize such litigation in federal court. In Chadbourne the U.S. Supreme Court narrowed SLUSA’s scope, holding that it does not preempt certain state-law class action litigation against secondary actors. In so doing, the Court allowed the state-law claims to proceed against two insurance brokers and two law firms.

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Peter Isajiw

Peter Isajiw is a Litigation Partner at King & Spalding, LLP. His practice concentrates on complex commercial and securities litigation, in addition to regulatory investigations. He represents corporations, financial institutions, directors, officers, and individuals in a variety of state and federal court matters. He also assists clients in connection with regulatory investigations conducted by the Department of Justice (DOJ), U.S. Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and U.S. Commodity Futures Trading Commission (CFTC). Peter has extensive experience with sophisticated electronic discovery an area of expertise that is becoming increasingly important in the context of modern litigation. Peter also devotes a significant amount his time to pro bono matters.

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