Friday, June 16, 2006

The Supremes & SLUSA - Round II (Part II)

The Supreme Court has unanimously ruled to vacate and remand the Seventh Circuit's decision in Kircher v. Putnam Funds Trust, the second Securities Litigation Uniform Standards Act of 1998 (SLUSA) case to be heard by the Court this term.

In an opinion written by Justice David Souter, the Court, held that orders remanding cases that had been removed under SLUSA are non-appealable under 28 U. S. C. § 1447(d). Justice Scalia concurred in part and concurred in the judgment.

ADDITION: The 10b-5 Daily has an analysis of the Court's decision here.

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