Advisor - Supreme Court Holds that 1933 Act Cases May Be Brought in State Court
On March 20, 2018, a unanimous Supreme Court held in Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439, (Cyan) that the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) does not eliminate state courts’ jurisdiction over claims brought solely under the Securities Act of 1933 and those cases cannot be removed to federal court.
As with many Supreme Court rulings, it will take some time for the full impact of Cyan to become clear. Until then, Gallagher professionals are ready to assist with any insurance questions raised.