United States Second Circuit

Dismissal of plaintiffs' state‐law claims against defendant-banks as precluded by the Securities Litigation Uniform Standards Act of 1998 (SLUSA) is again affirmed, and plaintiffs' petitions seeking panel rehearing or rehearing en banc of both this panel's opinion concerning SLUSA and its related summary order concerning forum non conveniens are denied, where: 1) the SLUSA precludes state‐law class action claims against defendant-banks because the claims are predicated on the banks' involvement with the fraudulent securities transactions of Bernard L. Madoff Investment Securities, and the fraud perpetrated by Madoff Securities was "material to a decision by one or more individuals (other than the fraudster) to buy or to sell a 'covered security'"; and 2) the remaining arguments are without merit.

Appellate Information

• Decided 05/28/2014
• Published 05/28/2014

Judges

• PER CURIAM

Court

• United States Second Circuit

Counsel