Proskauer Rose LLP v. Troice
|Docket No.||Op. Below||Argument||Opinion||Vote||Author||Term|
Oct 7, 2013
|Feb 26, 2014||7-2||Breyer||OT 2013|
Disclosure: Goldstein & Russell, P.C., whose attorneys work for or contribute to this blog in various capacities, serves as counsel to the respondents in this case.
Holding: The Securities Litigation Uniform Standards Act of 1988 does not preclude the plaintiffs' state-law class actions contending that the defendants assisted in perpetrating a Ponzi scheme by falsely representing that uncovered securities that plaintiffs were purchasing were backed by covered securities.
Plain English Summary:
Judgment: Affirmed, 7-2, in an opinion by Justice Breyer on February 26, 2014. Justice Thomas filed a concurring opinion. Justice Kennedy filed a dissenting opinion, in which Justice Alito joined.
- Opinion analysis: Scope of federal preclusion of state law actions (Allen Ferrell)
- Argument analysis: Ghost of Madoff hangs over state securities class actions (Allen Ferrell)
- Argument preview: Justices tackle preclusion of state class actions involving securities (Allen Ferrell)
- Petitions of the day (Ben Cheng)