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'Dabit' Demystified: U.S. Supreme Court Rules On SLUSA

Resolving a split among the circuit courts, the U.S. Supreme Court ruled unanimously on March 21 in Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit that the Securities Litigation Uniform Standards Act (SLUSA) preempts all state law class actions alleging fraud "in connection with the purchase or sale" of certain securities, regardless of whether ...

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