On November 1, the Bank Policy Institute joined the American Bankers Association in an amici brief urging the U.S. Supreme Court to grant certiorari in Northern Trust v. Banks, arguing that the decision by the Ninth Circuit Court of Appeals would, if allowed to stand, threaten the uniform standards upon which the securities markets depend for their orderly operation. The broad new exception to these uniform standards created by the lower Court’s holding that financial institutions that offer trust services may not invoke the Securities Litigation Uniform Standards Act of 1998, the brief argues, threatens to upend the industry with a wave of costly state-law class actions alleging misconduct in connection with securities transactions.
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