Not So Fast! Ninth Circuit Clarifies the Role of Materiality in Triggering SLUSA’s Class Action Bar
By EsqSocial Corporation 19/04/21
In a noteworthy decision refining application of the Securities Litigation Uniform Standards Act (SLUSA), the Ninth Circuit recently held that SLUSA did not bar a state law class action for alleged breach of fiduciary duties brought by investors against a financial advisory firm. In Anderson v. Edward D. Jones & Col, L.P, decided in March 2021, the panel reversed a dismissal of fiduciary duty claims, while clarifying that SLUSA only bars actions based on alleged misrepresentations or omissions...
By: Troutman Pepper