WELLS FARGO BANK v. THE SUPERIORCOURTOFSAN FRANCISCO COUNTY
Securities Litigation Uniform Standards Act of 1998 precludes state law action by beneficiaries of trust administered by bank from suing bank for alleged misrepresentations and omission of material facts with respect to investment practices; such action was "in connection with the purchase or sale" of securities even though beneficiaries lacked investment authority. Where plaintiffs' action was precluded by SLUSA, plaintiffs were entitled to amend complaint to assert state claims for a group of fewer than 50 plaintiffs or exclude allegations that trigger SLUSA preclusion.
Comments on WELLS FARGO BANK v. THE SUPERIORCOURTOFSAN FRANCISCO COUNTY