Cyan v. Beaver County Employees Retirement Fund
U.S. Supreme Court · decided March 20, 2018 · Supreme Court Database (Spaeth)
- Decided
- March 20, 2018
- Term
- October Term 2017
- Vote
- 9–0
- Majority author
- Justice Kagan
- Issue area
- Economic Activity
- Disposition
- Affirmed
- Outcome
- Petitioning party lost
- Ideological direction
- Liberal
Opinion excerpt
(Slip Opinion) OCTOBER TERM, 2017 1 Syllabus NOTE: Where it is feasible, a syllabus (headnote) will be released, as is being done in connection with this case, at the time the opinion is issued. The syllabus constitutes no part of the opinion of the Court but has been prepared by the Reporter of Decisions for the convenience of the reader. See United States v. Detroit Timber & Lumber Co., 200 U.S. 321 , 337. SUPREME COURT OF THE UNITED STATES Syllabus CYAN, INC., ET AL. v. BEAVER COUNTY EMPLOYEES RETIREMENT FUND ET AL. CERTIORARI TO THE COURT OF APPEAL OF CALIFORNIA, FIRST APPELLATE DISTRICT No. 15–1439. Argued November 28, 2017—Decided March 20, 2018 In the wake of the 1929 stock market crash, Congress enacted two laws, in successive years, to promote honest practices in the securities markets. The Securities Act of 1933 (1933 Act) creates private rights of action to aid the enforcement of obligations pertaining to securities offerings. The Act authorizes both federal and state courts to exer- cise jurisdiction over those private suits and, more unusually, bars the removal of such suits from state to federal court. The Securities Exchange Act of 1934 (1934 Act), which regulates not the original is- suance of securities but all their subsequent trading, is also enforcea- ble through private rights of action. But all suits brought under the 1934 Act fall within the exclusive…
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