Emerging Issues in Securities Litigation: The Seventh Circuit’s recent interpretations of CAFA and SLUSA favor defendants in purported securities class actions*
26 March 2009
Mayer Brown Legal Update
Two recent decisions from the United States Court of Appeals for the Seventh Circuit add to the growing arsenal of arguments available to defendants in securities class actions who wish to litigate in federal court, with the attendant protections of the Private Securities Litigation Reform Act. In the first, the court held that the non-removal provision of the Securities Act of 1933 is no impediment to removal under the Class Action Fairness Act.