Legal Opinion
Falkowski v. Imation Corp.
Court of Appeals for the Ninth Circuit
Decided October 29, 2002No. 01-16113PublishedCited by 96 opinions
1Opinion of the Court
McKEOWN, Circuit Judge.
The principal question we address here is whether state law fraud claims relating to employee stock options are preempted by the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”), 15 U.S.C. §§ 77p, 78bb(f)(l)-(2). We hold that they are preempted because the alleged fraud took place “in connection with the purchase or sale of a covered security” under SLUSA. This case also involves contract claims based on multiple stock option agreements. Unlike the district court, we conclude that these claims cannot be resolved on a motion to dismiss.
Background 1
This class…
2Cases cited24 opinions
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