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.
You Might Also Be Interested In...
Amicus Briefs
BPI, Trades File Brief Supporting BofA Argument that National Law Preempts N.Y. Mortgage Escrow Rate Requirements
Amicus Briefs
BPI, Joint Trades File Amici Brief in Goldman Shareholder Class Action Case Before SCOTUS
Consumer Affairs
BPI Files Joint Amici Brief With Other Trades in California v. OCC Case on the OCC’s ‘Madden Fix’ Regulation
Amicus Briefs
BPI Submits Amicus Brief in Hymes v. Bank of America National Bank Act Preemption Case
More Posts by This Author
Bank Capital and Stress Testing
U.S. Bank Capital Levels: Aligning With or Exceeding Midpoint Estimates of Optimal
Central Bank Digital Currency
BPI’s Paige Pidano Paridon Testifies on CBDC Before House Subcommittee
Bank Activities and Structure
BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion