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As society becomes increasingly litigious, and as plaintiff attorneys market their services more aggressively, class action litigation is posing a rapidly growing threat to businesses in all sectors.

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Class Action Blog
May 14, 2019

National Securities Class Action Suits Based on Fraud Cannot Hide behind State Claims

Author: Ken Goleaner

In the 1990’s, Congress sought more stringent standards for filing securities class-action litigation. The Private Securities Litigation Reform Act (PSLRA) was passed in 1995 followed by the Securities Litigation Uniform Standards Act of 1998 (SLUSA). These reforms were aimed at preventing frivolous lawsuits in the sale of national securities and apply to both federal and state class-actions alleging fraudulent sales conduct.