[20180329]LSB10107_澄清“胡言乱语”：最高法院认为州法院可以审理证券法诉讼.pdf

CRS INSIGHT Prepared for Members and Committees of Congress Legal SidebarLegal Sidebari i Clarifying “Gibberish”: Supreme Court Holds That State Courts Can Hear Securities Act Lawsuits March 29, 2018 On March 20, in a case watched closely by the securities bar, the Supreme Court addressed the implications of the Securities Litigation Uniform Standards Act of 1998 (SLUSA)a statute that Justices Alito and Gorsuch described during oral argument as “gibberish.” In Cyan, Inc. v. Beaver County Employees Retirement Fund, the Court unanimously held in a decision by Justice Kagan that SLUSA does not (1) strip state courts of jurisdiction over class actions alleging violations of only the Securities Act of 1933 (the 1933 Act), or (2) allow defendants to remove such actions from state court to federal court. This Sidebar discusses the cases background, the Courts decision, and the decisions implications for securities litigation. Background The details of Cyan and the circuit split that preceded the Courts decision are discussed in a prior Sidebar. In short, the 1933 Actwhich principally regulates initial offerings of securitiesprovides a cause of action against an issuer of securities and ce