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State Law Fraud Class Action Precluded By SLUSA: 7th Circ.

By Dean Seal ( January 24, 2019, 6:57 PM EST) -- The Seventh Circuit said in a published opinion Thursday that a woman's putative class action accusing her investment adviser of defrauding clients was rightfully dismissed because the Securities Litigation Uniform Standards Act precludes securities class actions based in state law, even if her proposed class had fewer than 50 members....

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