United States Second Circuit

Variable annuities are "covered securities" as defined by Securities Litigation Uniform Standards Act of 1998, 15 USC 77p & 78bb(f), and preempt class actions based on state law that allege fraud in the sale of such instruments.

Appellate Information

• Argued 01/30/2001
• Decided 05/25/2001
• Published 05/29/2001

Judges

• STRAUB, Circuit Judge:, Before OAKES, STRAUB, and POOLER, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Michael C. Spencer,Milberg Weiss Bershad Hynes & Lerach, L.L.P., New York, N.Y. (Melvyn I. Weiss, Janine L. Pollack and Lee A. Weiss of Milberg Weiss Bershad Hynes & Lerach, L.L.P.;  Ronald A. Uitz of Uitz & Associates;  Sheldon S. Lustigman and Andrew B. Lustigman of The Lustigman Firm, P.C.;  James R. Newcomer of James, Hoyer, Newcomer, Forizs & Smiljanich, P.A.;   and Elias A. Alexiades of Hurwitz & Sagarin, L.L.C.;   on the brief), for Plaintiffs-Appellants., The Securities Exchange Commission, Washington, DC (David M. Becker, General Counsel;  Jacob H. Stillman, Solicitor;  Mark Pennington, Assistant General Counsel;  Michael A. Conley, Attorney Fellow;  and Meyer Eisenberg, Deputy General Counsel;  on the brief) submitted a brief as amicus curiae.


• For Appellees:
  
• Daniel McNeel Lane, Jr., Akin, Gump, Strauss, Hauer & Feld, L.L.P., San Antonio, TX (Barry A. Chasnoff and David R. Nelson of Akin, Gump, Strauss, Hauer & Feld, L.L.P.;   and Donald E. Frechette of Edwards & Angell, L.L.P.;   on the brief) for Defendants-Appellees.