A unanimous U.S. Supreme Court ruling on May 16 definitively changed law in Hawaii when it affirmed that securities-related state-law claims do not necessarily "arise under" federal law even though they violate a duty established by the Securities Exchange Act of 1934. This decision overrules state precedent and bolsters plaintiff claims by ensuring that lawsuits will remain in Hawaii's plaintiff-friendly state court.
The following article examines the Supreme Court ruling of Merrill Lynch et al. v. Manning and its implications for future securities-related lawsuits in Hawaii.
To access the PDF, click here: U.S. Supreme Court Removes Arrow in the Quiver of Defendants Seeking to Litigate State Securities Lawsuits in Federal Court.