The U.S. Supreme Court on Tuesday seemed to agree on one aspect of a 1998 statute aimed at reforming securities litigation: It’s all gibberish.
An exasperated Justice Samuel Alito Jr. used the word “gibberish” three times during arguments in Cyan v. Beaver County Employees Retirement Fund. The California case asks the high court to interpret the language of the Securities Litigation Uniform Standard Act regarding state jurisdiction over securities class actions.
From the tenor of the argument though, the justices did not seem to have a clue. Other justices called the law “odd” or “obtuse.”
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Tony Mauro
Tony Mauro, based in Washington, covers the U.S. Supreme Court. A lead writer for ALM's Supreme Court Brief, Tony focuses on the court's history and traditions, appellate advocacy and the SCOTUS cases that matter most to business litigators. Contact him at [email protected]. On Twitter: @Tonymauro
