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State Securities Class Action Suits: Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit

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Publication Date: November 2005

Publisher(s): Library of Congress. Congressional Research Service

Series: RS22311

Topic: Law and ethics (Corporations and securities law)

Abstract:

The United States Supreme Court has granted certiorari in the Second Circuit case Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit. The Second Circuit held that in certain instances the federal Securities Litigation Uniform Standards Act of 1998 does not preempt securities state class action suits. Four months after the Second Circuit decision, the Seventh Circuit took a very different approach to the issue. The Supreme Court decision should resolve this split in the circuits. This report will be updated as needed.