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Merrill Lynch, Pierce, Fenner & Smith Inc. v. Dabit
United States Supreme Court
547 U.S. 71 (2006)
Shadi Dabit (plaintiff), a former broker at Merrill Lynch (defendant), brought a class action suit against Merrill Lynch, alleging that it had disseminated false research. Dabit commenced the suit under Oklahoma law, but removed the case to federal court. Many other similar claims were brought at this time, all of which were removed to the United States District Court for the Southern District of New York. The district court ruled that Dabit’s claim was preempted by the Securities Litigation Uniform Standards Act of 1998 (SLUSA). The court of appeals vacated the district court’s judgment, stating the SLUSA only applied to class actions involving the purchase or sale of securities, not the holding of securities as a result of false information. Merrill Lynch then petitioned for certiorari to the United States Supreme Court.
Rule of Law
Holding and Reasoning (Stevens, J.)
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