[20060323]RS22311_州证券集体诉讼：美林、皮尔斯、芬纳和史密斯公司诉达比特.pdf

1 393 F.3d 25 (2d Cir. 2005).2 P.L. 105-353, 112 Stat. 3227.3 P.L. 104-67, 109 Stat. 737.Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS22311Updated March 23, 2006State Securities Class Action Suits: MerrillLynch, Pierce, Fenner & Smith, Inc. v. Dabitname redactedLegislative AttorneyAmerican Law DivisionSummaryThe Second Circuit held that in certain instances the federal Securities LitigationUniform Standards Act of 1998 (SLUSA) does not preempt securities state class actionsuits. Four months after the Second Circuit decision, the Seventh Circuit took a verydifferent approach to the issue. On March 21, 2006, the Supreme Court unanimously(Justice Alito took no part in consideration of the case.) vacated the judgment of theSecond Circuit and held that the background, text, and purpose of SLUSAs pre-emptionprovision indicate that SLUSA pre-empts state law holder class action claims of the typethat Dabit alleges. This report will not be further updated.Two separate appeals brought by former and current Merrill Lynch brokers (Dabit)and by a Merrill Lynch retail brokerage customer (IJG Investments), alleging that Merr