LASALA v. BORDIER ET CIE

No. 06-4323.

519 F.3d 121 (2008)

Joseph P. LaSALA and Fred S. Zeidman, as Co-Trustees of the Aremis-Soft Liquidating Trust, Appellants v. BORDIER ET CIE and Dominick Company, A.G.

United States Court of Appeals, Third Circuit.

Filed: March 11, 2008.


Attorney(s) appearing for the Case

Hal M. Hirsch, Esq., Greenberg Taurig, LLP, New York, NY, Gary R. Greenberg, Esq. (Argued), Louis J. Scerra, Jr., Esq., Peter M. Casey, Esq., Greenberg Taurig, LLP, Boston, MA, for Appellants Joseph P. LaSala and Fred S. Zeidman.

Elliot Cohen, Esq. (Argued), Troutman Sanders, LLP, New York, NY, for Appellee Bordier et Cie.

Paul J. Bschorr, Esq. (Argued), Lawrence J. Reina, Esq., Casey D. Laffey, Esq., Reed Smith, LLP, New York, NY, Anthony J. Laura, Esq., John J. Zefutie, Esq., Reed Smith, LLP, Princeton, NJ, Charles J. Becker, Reed Smith, LLP, Philadelphia, PA, for Appellee Dominick Company, A.G.

Before: SLOVITER and AMBRO, Circuit Judges, and POLLAK, District Judge.


OPINION OF THE COURT

POLLAK, District Judge.

In this appeal, we are called upon to decide whether state-law aiding-and-abetting-breach-of-fiduciary duty claims, which have passed from a corporation to its bankruptcy estate to a trust, may be brought in federal court by the trustees of the trust notwithstanding the Securities Litigation Uniform Standards Act ("SLUSA"), 15 U.S.C. § 78bb. We must further decide whether, under SLUSA, the trustees, as assignees...

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