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NORTH SOUND CAPITAL LLC v. MERCK & CO., INC.

No. 18-2317, No. 18-2318, No. 18-2319, No. 18-2320.

938 F.3d 482 (2019)

NORTH SOUND CAPITAL LLC; North Sound Legacy International; North Sound Legacy Institutional; United Food Commercial Workers Local 500 Pension Fund; Colonial First State Investments Ltd.; CFSIL-CFS Wholesale Indexed Global Share Fund; CFSIL-Commonwealth Global Shares Fund 4; CFSIL-Commonwealth Specialist Fund 13; CFSIL Wholesale Geared Global Shared Fund; CFSIL ATF CMLA International Share Fund; CFSIL-Commonwealth Global Shares Fund 6; CFSIL Commonwealth Shares Fund 2; CFSIL-CFS Wholesale Acadian Global Equity Fund; CFSIL-CFS Wholesale Global Health & Biotechnology Fund; CFSIL-CFS Wholesale Global Share Fund, Appellants, v. MERCK & CO., INC. formerly known as Schering-Plough Corporation; Merck Schering-Plough Pharmaceuticals; MSP Distribution Services (C) LLC.; MSP Singapore Company LLC; Fred Hassan; Carrie S. Cox GIC Private Limited, Appellant, v. Merck & Co., Inc. formerly known as Schering-Plough Corporation; Merck/Schering Plough Pharmaceuticals; MSP Distribution Services (C) LLC; MSP Singapore Company LLC; Fred Hassan; Carrie S. Cox GIC Private Limited, Appellant, v. Merck & Co., Inc.; Merck/Schering-Plough Pharmaceuticals; MSP Distribution Services (C) LLC; MSP Singapore Company LLC; Richard T. Clark; Deepak Khanna North Sound Capital LLC; North Sound Legacy International; North Sound Legacy Institutional; United Food Commercial Workers Local 1500 Pension Fund, Appellants, v. Merck & Co., Inc.; Merck/Schering-Plough Pharmaceuticals; MSP Distribution Services (C) LLC; MSP Singapore Company LLC; Richard T. Clark; Deepak Khanna.

United States Court of Appeals, Third Circuit.

Opinion Filed: September 12, 2019.

Attorney(s) appearing for the Case

Daniel Hume [ARGUED], Karina Kosharskyy , Ira M. Press , Meghan J. Summers , Kirby McInerney, 250 Park Avenue, Suite 820, New York, NY 10177, Counsel for Appellants.

Daniel J. Juceam , Daniel J. Kramer [ARGUED], Theodore V. Wells, Jr. , Paul Weiss Rifkind Wharton & Garrison, 1285 Avenue of the Americas, New York, NY 10019, Counsel for Appellees.

Before: SHWARTZ, KRAUSE, and BIBAS, Circuit Judges.

OPINION OF THE COURT

In these consolidated appeals, we consider whether the Securities Litigation Uniform Standards Act (SLUSA) prohibits investors from bringing individual actions under state law if they exercise their constitutionally protected right to opt out of a class action. Hewing to SLUSA's text, we conclude...

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