Merrill Lynch, Pierce, Fenner & Smith Inc. v. Dabit

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that SLUSA preempted class actions by non-traders but that SLUSA preserved “derivative actions brought by shareholders on behalf of a corporation”
• holding that SLUSA preempted claims alleged by holders of securities as well as by purchasers and sellers
• noting that Congress intended SLUSA to be interpreted broadly and explicitly rejecting the notion that SLUSA should be subjected to any narrowing construction
• stating that when analyzing the “in connection with” requirement “it is enough that the fraud alleged ‘coincide’ with a securities transaction”
• explaining that Congress passed the Securities Litigation Uniform Standards Act of 1998 to stem the shift of securities litigation from federal to state courts sparked by the PSLRA
• stating that incorporation of language from existing statute generally incorporates its judicial interpretations as well

Source: CourtListener parenthetical corpus (CC0).