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Asking The Right Federal Questions: Merrill Lynch V. Manning And The Exclusive Jurisdiction Provisions Of The Securities Exchange Act, Seth Taylor
Duke Journal of Constitutional Law & Public Policy Sidebar
Suppose you run a small corporation in the business of auctioneering stamps, coins, and other collectibles. Sensing that your corporation’s financial prospects are on the decline, large financial institutions drive the price of the company’s stock down. Your shareholders sue in state court alleging a breach of state law in manipulating stock prices while also referencing breaches of federal securities law.
Can the defendant financial institutions remove the case to federal court? This question is set to be answered by the Supreme Court in Manning v. Merrill Lynch, which deals specifically with whether section 27 of the Securities Exchange …