Tag Archives: Securities Act of 1933

Texas State Court Dismisses Post-Cyan Securities Act Lawsuit

When the U.S. Supreme Court confirmed in its March 2018 Cyan decision that state courts retain concurrent jurisdiction over ’33 Act liability actions, commentators suggested that plaintiffs’ lawyers would opt to pursue Section 11 claims in state court, either in preference to or in addition to parallel federal court actions. Indeed, in many lawsuits filed … Continue Reading

Supreme Court Will Not Consider the Securities Act Statute of Repose Issue in the Indy Mac Case After All

As I had noted on this blog (here), one of the important securities law cases on the U.S. Supreme Court’s docket for the upcoming term involved the failed IndyMac bank. The Court had granted cert in the case to decide whether the three-year limitations period in Section 13 of the ’33 Act may be tolled … Continue Reading

So, There’s Concurrent State Court Jurisdiction for ’33 Act Suits, Right? Well…

On May 18, 2011, the California Intermediate Court of Appeals held in the Luther v. Countrywide Financial Corporation case that state courts have concurrent jurisdiction with federal courts to hear liability lawsuits under the Securities Act of 1933, and that more recent legislative enactments did not eliminate the concurrent state court jurisdiction for the plaintiffs’ … Continue Reading
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