2018 United States Supreme Court case
| Cyan, Inc. v. Beaver County Employees Retirement Fund | |
|---|---|
 Supreme Court of the United States | |
| Argued November 28, 2017 Decided March 20, 2018 | |
| Full case name | Cyan, Inc. v. Beaver County Employees Retirement Fund |
| Citations | 583 U.S. ___ (more)138 S. Ct. 1061; 200 L. Ed. 2d 332 |
| Case history | |
| Prior | Cert. granted, 137 S. Ct. 2325 (2017). |
| Holding | |
| The Securities Litigation Uniform Standards Act of 1998 did not strip state courts of jurisdiction to adjudicate class actions alleging only 1933 Securities Act violations; nor did it authorize removing such suits from state to federal court. | |
| Court membership | |
| |
Cyan, Inc. v. Beaver County Employees Retirement Fund, 583 U.S. ___ (2018), was a United States Supreme Court case in which the Court held the Securities Litigation Uniform Standards Act of 1998 did not strip state courts of jurisdiction to adjudicate class actions alleging only 1933 Securities Act violations; nor did it authorize removing such suits from state to federal court.
The suit was initially filed by a group of public entities, including Beaver County against Cyan Inc alleging losses on securities attributable to shortcoming in disclosures by Cyan.
The Second Circuit (which includes New York) put 1933 Act cases in federal court, while the Ninth Circuit (which includes California) allowed '33 Act cases in state court. This circuit split was decided in favor of the Ninth Circuit's interpretation.
References
- Cyan, Inc. v. Beaver County Employees Retirement Fund, No. 15-1439, 583 U.S. ___ (2018).
- "Champagne for the Plaintiffs' Bar; Dirge Music for the Rest of Us: IPOs, 1933 Act Litigation and the Cyan Decision". March 20, 2018. Retrieved March 28, 2018.
External links
- Text of Cyan, Inc. v. Beaver County Employees Retirement Fund, 583 U.S. ___ (2018) is available from: Google Scholar Justia Oyez (oral argument audio) Supreme Court (slip opinion)
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