BT Securities Corp. v. WR Huff Asset Management Co., LLC

BT Securities Corporation, Chase Manhattan Bank, Salomon Brothers, Inc., Deloitte Touche LLP, and Arthur Andersen LLP petitioned this Court for permission to appeal, pursuant to Rule 5, Ala. R.App. P., from the trial court's denial of their motion to dismiss an action pending against them. We granted permission to appeal, and we reverse the order denying their motion and render a judgment for them.

Facts and Procedural History

This case involves the applicability of the Securities Litigation Uniform Standards Act of 1998 ("SLUSA"),15 U.S.C. §§ 77p and 78bb, to a purchase of subordinated notes…