Clarifying 'Gibberish': Supreme Court Holds That State Courts Can Hear Securities Act Lawsuits [March 29, 2018] [open pdf - 419KB]
"The details of Cyan and the circuit split that preceded the Court's decision are discussed in a prior Sidebar. In short, the 1933 Act--which principally regulates initial offerings of securities--provides a cause of action against an issuer of securities and certain other persons if certain documents associated with a securities offering contain untrue or misleading statements or omissions of material fact. As originally enacted, the 1933 Act provided that (1) state courts had concurrent jurisdiction with federal courts to hear lawsuits to enforce the Act's provisions, and (2) if such lawsuits were brought in state court, defendants could not remove them to federal court."
CRS Legal Sidebar, LSB10107
Federation of American Scientists: http://www.fas.org/sgp/crs/index.html