Susan Nielen-Thomas v. Concorde Investment Services

Flaum, Circuit Judge.

*526 Susan Nielen-Thomas, on behalf of herself and others similarly situated, filed a complaint in Wisconsin state court alleging she and other class members were defrauded by their investment advisor. Defendants removed the case to federal court. They then argued the action should be dismissed because it was a "covered class action" precluded by the Securities Litigation Uniform Standards Act of 1998 ("SLUSA"). See 15 U.S.C. § 78bb(f)(1), (f)(5)(B), amending Securities Exchange Act of 1934. According to Nielen-Thomas, her lawsuit did not meet SLUSA's "covered class action"…