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JP Morgan Clients Say Circuits Are Split on SLUSA Standards – Law360

September 15, 2017 In The News

Patricia Holtz, lead plaintiff in a Securities Class Action case, is asking the US Supreme Court to reinstate her case against JP Morgan after the bank used SLUSA to justify having the case removed from Illinois State court to federal court. The JP Morgan clients allege the bank violated its commitments to clients by pushing them towards the bank’s own funds rather than making the best investment options.  According to Ms. Holtz, who is represented by New York Securities Law Firm Zamansky LLC, the Second, Third, and Ninth circuits’ interpretation of SLUSA would have led her case to be remanded to state court, while JP Morgan has used cases cutting against that notion to have her case transferred to federal court, with the eventual intention of having her case and similar cases dismissed altogether.

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