Christopher Brown v. John Calamos

POSNER, Circuit Judge.

The Securities Litigation Uniform Standards Act of 1998 (SLUSA) prohibits securities class actions if the class has more than 50 members, the suit is not exclusively derivative, relief is sought on the basis of state law, and the class action suit is brought by “any private party alleging a misrepresentation or omission of a material fact in connection with the purchase or sale of a covered security.” 15 U.S.C. § 78bb(f)(l), amending Securities Exchange Act of 1934; see also § 77p(b)(l), amending, in materially identical language, the Securities Act of 1933. A “covered…