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1 Corp. & Bus. L.J. 1 (2020)

handle is hein.journals/cablj1 and id is 1 raw text is: ARIZONA STATE UNIVERSITY CORPORATE AND BUSINESS LAW JOURNAL VOLUME 1 JANUARY 2020 NUMBER 1 ARTICLES STACKING THE DECK: THE SECURITIES LITIGATION UNIFORM STANDARDS ACT OF 1998 AND FEDERAL PREEMPTION OF STATE LAW CLAIMS AGAINST CORPORATE DIRECTORS SARAH WOLF REUST* CONTENTS I. IN T R O D U C T IO N .................................................................................................................................. 2 II. B A C K G R O U N D ................................................................................................................................... 4 A . TH E R ISE OF CLASS A CTIONS ...........................................................................................................................4 B. THE PENDULUM SHIFTS: THE ORIGINS OF SLUSA.........................................................................................5 C. HISTORY: FEDERAL FORUMS AS FRIENDLY TO CORPORATE DEFENDANTS ....................................................7 III. IN TE R PR E T IN G SL U SA ....................................................................................................................... 8 A. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. V. DABIT: THE SUPREME COURT'S BROAD READING OF S L U S A ....................................................................................................................................................................8 B. STATE COURT JURISDICTION: THE SUPREME COURT EXAMINES SLUSA'S SCOPE ......................................9 C. STATE LAW EXEM PTIONS TO SLU SA ..........................................................................................................10 D. OMISSION OR M ISREPRESENTATION: THE CIRCUIT SPLIT .......................................................................12 IV . THE NEW SEVENTH CIRCUIT DECISIONS.................................................................................... 15 A . H OLTZ V. JPM ORGAN CHASE BANK.............................................................................................................15 B. G OLDBERG V. BANK OF A M ERICA, N .A ........................................................................................................16 C. THE H OLDIN GS IN THESE CASES: .................................................................................................................18 V. THE CONFLICT: FEDERAL INTERESTS IN UNIFORM REGULATION VS. FEDERALISM CONCERNS ... 19 *Associate, Squire Patton Boggs. J.D. Class of 2019, Sandra Day O'Connor College of Law at Arizona State University. Many thanks to Professor Myles Lynk for his insightful comments and guidance, and to my husband for his continued and unstinting love and support.