The Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) is a federal law that bars state law securities class actions alleging misrepresentations or omissions related to the purchase or sale of certain covered securities. In an opinion filed on January 2, 2013, the Ninth Circuit held that SLUSA does not preclude certain state law securities … Continue Reading
Fraud class actions have become increasingly difficult to certify over the years as courts routinely have held that individualized issues of reliance swamp any common issues. Plaintiffs’ attorneys thus have been keen to attempt to transform fraud claims into breach of contract claims and claims under consumer protection statutes. That approach failed miserably for plaintiffs in In re Facebook, Inc. PPC Advertising … Continue Reading
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