PENSION COMMITTEE OF MONTREAL v. BANC OF AMERICA

No. 05 Civ. 9016(SAS).

750 F.Supp.2d 450 (2010)

The PENSION COMMITTEE OF the UNIVERSITY OF MONTREAL PENSION PLAN, et al., Plaintiffs, v. BANC OF AMERICA SECURITIES, LLC, Citco Fund Services (Curacao) N.V., the Citco Group Limited, International Fund Services (Ireland) Limited, Pricewaterhousecoopers (Netherland Antilles), John W. Bendall, Jr., Richard Geist, Anthony Stocks, Kieran Conroy, and Declan Quilligan, Defendants.

United States District Court, S.D. New York.

February 16, 2010.


Attorney(s) appearing for the Case

Scott M. Berman, Esq. , Anne E. Beaumont, Esq. , Amy C. Brown, Esq. , Philip A. Wellner, Esq. , Robert S. Landy, Esq. , Lili Zandpour, Esq. , Friedman Kaplan Seiler & Adelman LLP, New York, NY, for the Plaintiffs.

Lewis N. Brown, Esq. , Dyanne E. Feinberg, Esq. , Terence M. Mullen, Esq. , Elizabeth A. Izquierdo, Esq. , Gilbride, Heller & Brown, P.A., Miami, FL. Eliot Lauer, Esq. , Michael Moscato, Esq. , Curtis, Mallet-Prevost, Colt & Mosle LLP, New York, NY, for the Citco Defendants.

Peter K. Vigeland, Esq. , Dawn M. Wilson, Esq. , Paul M. Winke, Esq. , Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY, for Defendant Banc of America Securities LLC.


OPINION AND ORDER

SHIRA A. SCHEINDLIN, District Judge:

I. INTRODUCTION

The Securities Litigation Uniform Standards Act of 1998 ("SLUSA") preempts state-law actions in which a plaintiff alleges "an untrue statement or omission of a material fact in connection with the purchase or sale of a covered security."1 The question presented here is whether SLUSA preemption applies where plaintiffs purchased, sold...

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