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Abstract: 

The Supreme Court in the Cyan case was called upon to decide whether a 1998 amendment to the Securities Act of 1993 divests state courts of concurrent jurisdiction over “covered class actions” asserting 1933 Act claims. The authors discuss the legislative history of the amendment, the split decisions of the lower courts, the positions of the parties in the Supreme Court, and the comments of the justices at the oral argument. This article was published two weeks prior to the Court's unanimous ruling that the 1998 act did not strip state courts of jurisdiction.

Keywords: Cyan, Inc. v. Beaver County Employees Retirement Fund; Private Securities Litigation Reform Act of 1995; Securities Litigation Uniform Standards Act of 1998

Affiliations:  1: Debevoise & Plimpton LLP; 2: Debevoise.