DABIT v. MERRILL LYNCH, PIERCE, FENNER

Nos. 03-7499, 03-7458.

395 F.3d 25 (2005)

Shadi DABIT, on behalf of himself and all others similarly situated, Plaintiff-Appellant, v. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., a corporation, Defendant-Appellee. IJG Investments and Irlys Guy, on behalf of themselves and all others similarly situated, Plaintiffs-Appellants, v. Merrill Lynch & Co., Inc., Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided: January 11, 2005.


Attorney(s) appearing for the Case

Clell I. Cunningham, Dunn, Swan & Cunningham (William B. Federman and Stuart B. Emmons, Federman & Sherwood, on the brief), Oklahoma City, Oklahoma, for plaintiff-appellant Shadi Dabit.

Ira Neil Richards (Joanne G. Noble), Trujillo Rodriguez & Richards, LLC (Mark Wermerskirchen, Darval, Wermerskirchen & Frank P.A., Samuel D. Heins and Stacey Mills, Heins Mills & Olson, P.L.C., Kenneth A. Wexler, The Wexler Firm, and Anthony J. Bolognese, Bolognese & Associates, LLC, on the brief), Philadelphia, Pennsylvania, for plaintiffs-appellants IJG Investments and Irlys Guy.

Jay B. Kasner, Skadden, Arps, Slate, Meagher & Flom LLP (Edward J. Yodowitz, Scott D. Musoff, Joanne Gaboriault, on the brief), New York, New York, for defendants-appellees.

Before: OAKES, SOTOMAYOR and WESLEY, Circuit Judges.


SOTOMAYOR, Circuit Judge.

These two separate appeals, consolidated for purposes of oral argument and opinion, present an issue of first impression in this Circuit: whether the Securities Litigation Uniform Standards Act of 1998 ("SLUSA"), Pub.L. No. 105-353, 112 Stat. 3227, which preempts certain class actions based upon state law brought by private parties alleging a misrepresentation or omission "in connection with the purchase or sale" of certain nationally traded...

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