Noting that the general presumption against Congressional preemption of state law causes of action did not apply, Justice Stevens wrote:
But that presumption carries less force here than in other contexts because SLUSA does not actually pre-empt any state cause of action. It simply denies plaintiffs the right to use the class action device to vindicate certain claims. The Act does not deny any individual plaintiff, or indeed any group of fewer than 50 plaintiffs, the right to enforce any state-law cause of action that may exist.So gather 48 of your closest friends, and file a holders claim.
Thanks to Gregg Fishbein for sending this one in and to Tom Howe and the good folks at SCOTUSblog for collecting the links.
ADDITION - The 10b-5 Daily and WSJ Law Blog have more on the Dabit decision.