Wiggin and Dana Partner Quoted in Law 360 Concerning the U.S. Supreme Court Merrill Lynch Ruling
Wiggin and Dana Partner Robert Hoff was one of 14 attorneys quoted in Law360 concerning the Merrill Lynch v. Manning ruling made by the U.S. Supreme Court on Monday, May 16, 2016.
According to the article, the U.S. Supreme Court held that federal securities laws don't preempt some claims from being brought in state court, upholding a Third Circuit ruling that sent a suit against a Merrill Lynch unit and other Wall Street firms back to a New Jersey state court.
Mr. Hoff was quoted:
"The Supreme Court's decision in Manning unanimously affirms the long-standing principle that state courts can adjudicate securities claims arising under states' securities laws and common laws. The decision means defendants in securities fraud suits must continue to defend cases in multiple jurisdictions interpreting different laws. This increases defendants' cost of defending securities fraud suits, and also creates uncertainty due to varying interpretations of different jurisdictions' laws. The decision is a resounding victory for the securities plaintiffs' bar, which often prefers to litigate suits in jurisdictions that are perceived to be more plaintiff-friendly than federal courts."
To read the full article, please click here.