Marshall H. Fishman, a partner at Kramer Levin Naftalis & Frankel, and Gabrielle Gould, an associate at the firm, analyze Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit, in which the Supreme Court resolved a split among the circuits ruling that the Securities Litigation Uniform Standards Act of 1998 preempts certain class actions based upon state law that are brought by investors who allege that they were induced to hold (and not purchase or sell) securities.
Supreme Court Rejects 'Holder' State Law Class Actions by Investors
New York Law Journal
April 3, 2006
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