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Texas Annual Survey: Securities Regulation, George Lee Flint Jr
Texas Annual Survey: Securities Regulation, George Lee Flint Jr
Faculty Articles
Texas federal courts have continued to narrow the application of Texas securities laws. The Fifth Circuit applied the federal class action preemption test of Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) after consolidation in federal court, but permitted unconsolidated state actions to continue unpreempted. The Fifth Circuit also determined that the stringent federal pleading rules apply to state law actions filed in federal court. The Southern District of Texas narrowed aider and abetter liability in the secondary market by imposing a privity requirement for the primary perpetrator under the Texas Securities Act (“TSA”) and requiring a duty to disclose …
The Texas Supreme Court And Oil And Gas Jurisprudence: What Hath Wagner & Brown V. Sheppard Wrought?, Laura H. Burney
The Texas Supreme Court And Oil And Gas Jurisprudence: What Hath Wagner & Brown V. Sheppard Wrought?, Laura H. Burney
Faculty Articles
According to the Texas Supreme Court, a lessor’s interest remains pooled even after her lease terminates. The Court’s November 2008 opinion in Wagner & Brown, Ltd. v. Sheppard provoked strong reactions among oil and gas law practitioners, academics, and others involved in the industry. In fact, the court received nearly a dozen amicus curiae briefs signed by more than 20 attorneys—many of whom typically represent producers—urging it to reconsider. Not persuaded by these concerns, the court finalized its opinion on June 5, 2009. So now the question for players in the oil patch is: What hath Wagner & Brown, Ltd. …