Judge Remands Securities Class Action Pursuant To High Court Precedent

Judge Remands Securities Class Action Pursuant To High Court Precedent

CHARLESTON, W.Va. - In what he called an issue of first impression, a federal judge in West Virginia on Nov. 5 granted a shareholder's motion to remand a securities class action lawsuit to state court, ruling that the Securities Act of 1933 "only permits the removal of securities class actions alleging state law violations, as defined in" 15 U.S. Code Section 77p(b), "which must be dismissed whether they are before state or federal courts" (Olivia Niitsoo v. Alpha Natural Resources Inc., et al.,  No. 12-4377, S.D. W.Va.; 2012 U.S. Dist. LEXIS 158049).

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