[20171016]LSB10011_最高法院将解决州法院对联邦证券诉讼的管辖权问题.pdf

CRS INSIGHT Prepared for Members and Committees of Congress Legal SidebarLegal Sidebari i Supreme Court to Address State Court Jurisdiction over Federal Securities Lawsuits Updated October 16, 2017 This term the Supreme Court will hear oral arguments in Cyan, Inc. v. Beaver County Employees Retirement Fund, a case that may “shift the jurisdictional landscape for securities class actions.” The case will likely resolve a question that has divided the federal courts for two decades: whether the Securities Litigation Uniform Standards Act of 1998 (SLUSA) strips state courts of jurisdiction over certain class actions that solely involve claims under the Securities Act of 1933 (the 1933 Act). A decision rendered by the Court could strip state courts of jurisdiction over 1933 Act claims, or, alternatively, hold that state courts have concurrent jurisdiction with federal courts over such claims. This Sidebar discusses the legal issues involved in Cyan and the implications of the Courts decision for securities litigation generally. The 1933 Act, the PSLRA, and SLUSA Securities are regulated under both state and federal law. For much of American history, state governments possessed primary a