Lisa A. Catalano , Securities Arbitration Clinic, St. John's University School of Law, Jamaica and Law Offices of Timothy J. O'Connor, Albany ( Timothy J. O'Connor , of counsel), for Public Investors Arbitration Bar Association, amicus curiae.
William A. Jacobson , Cornell Securites Law Clinic, Ithaca, for Cornell Securities Law Clinic, amicus curiae.
Wilmer Cutler Pickering Hale and Dorr, LLP, New York City ( Lori A. Martin , of counsel), and Wilmer Cutler Pickering Hale and Dorr LLP, Washington, D.C. ( Paul R.Q. Wolfson , and Daniel S. Volchok , of counsel), for Securities Industry and Financial Markets Association and others, amici curiae.
Chief Judge LIPPMAN and Judges CIPARICK, READ, PIGOTT and JONES concur; Judge SMITH taking no part.
Court of Appeals of New York.
OPINION OF THE COURT
GRAFFEO, J.
At issue on this appeal is whether the Martin Act (General Business Law art 23-A) preempts plaintiff's common-law causes of action for breach of fiduciary duty and gross negligence. For the reasons that follow, we conclude that plaintiff's common-law claims are not preempted.
Plaintiff Assured Guaranty (UK) Ltd. commenced this action against defendant J.P. Morgan Investment...
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