MERRILL LYNCH, PIERCE, FENNER & SMITH INC. v. DABIT

No. 04-1371.

547 U.S. 71 (2006)

MERRILL LYNCH, PIERCE, FENNER & SMITH INC. v. DABIT

Supreme Court of United States.

Decided March 21, 2006.


Attorney(s) appearing for the Case

Jay B. Kasner argued the cause for petitioner. With him on the briefs were Preeta D. Bansal, Edward J. Yodowitz, Scott D. Musoff, and Joanne Gaboriault.

Deputy Solicitor General Hungar argued the cause for the United States as amicus curiae urging reversal. With him on the brief were Solicitor General Clement, Daryl Joseffer, Giovanni P. Prezioso, Jacob H. Stillman, Eric Summergrad, Susan S. McDonald, and Jeffrey T. Tao.

David C. Frederick argued the cause for respondent. With him on the brief were Priya R. Aiyar, William B. Federman, Stuart W. Emmons, and Clell I. Cunningham III.*


JUSTICE STEVENS delivered the opinion of the Court.

Title I of the Securities Litigation Uniform Standards Act of 1998 (SLUSA) provides that "[n]o covered class action" based on state law and alleging "a misrepresentation or omission of a material fact in connection with the purchase or sale of a covered security" "may be maintained in any State or Federal court by any private party." § 101(b), 112 Stat. 3230 (codified...

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