SLUSA's Broad Definition Of 'Covered Class Action'

February 18, 2014  |  New York Law Journal

A new chapter is now being written in the ongoing battle between defendants seeking dismissal of securities class actions under the Securities Litigation Uniform Standards Act (SLUSA) and plaintiffs attempting to avoid SLUSA. The latest front in this battle concerns the question of what constitutes a "covered class action" under SLUSA. This article discusses three recent cases in the Southern District of New York that were found to fall within the broad definition of a "covered class action," not withstanding the fact that each was commenced as an individual action.

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