Why We Need a State-Level Private Securities Litigation Reform Act

American Bar Association, Section of Litigation, Class Actions & Derivative Suits Committee

Virginia F. Milstead

Counsel Virginia Milstead looks at the U.S. Supreme Court's 2018 decision in Cyan, Inc. v. Beaver County Retirement Fun — which held that state courts have concurrent jurisdiction over class actions arising exclusively under the Securities Act of 1933 and that such actions are not removable to federal court— and the resulting rise in state court Securities Act class actions.