United States Third Circuit

Reset A A Font size: Print

Manning v. Merrill Lynch Pierce Fenner & Smith, 13-3693

In this case involving alleged manipulation of the price of a stock by defendant via short sales, denial of plaintiffs' motion to remand the case to New Jersey state court is reversed, where: 1) because the success of plaintiffs' state-law causes of action does not necessarily depend upon the contents of federal law, the case does not "arise under" the laws of the United States; 2) the presence of an exclusive jurisdiction provision governing Regulation SHO (through which short sales are subject to detailed federal regulation) does not change the analysis, as such provisions cannot independently generate jurisdiction; and 3) there is no federal-question jurisdiction over this suit.

Appellate Information

  • Decided 11/10/2014
  • Published 11/10/2014

Judges

  • Smith

Court

  • United States Third Circuit

Counsel

Copied to clipboard