Bridges v. Santa Cruz County Bank CA6
In this action for misrepresentation and related causes of action, plaintiffs sought to recover losses they had incurred as a result of a fraudulent investment scheme operated by three individual defendants and promoted by respondent Santa Cruz County Bank (the Bank). The superior court sustained the Bank’s demurrer without leave to amend on the ground that plaintiffs’ action was precluded by the Securities Litigation Uniform Standards Act of 1998 (SLUSA or the Act). (15 U.S.C. §78bb, subd. (f)(1); §77p, subds. (b), (f).) Plaintiffs maintain that SLUSA is inapplicable. We disagree and therefore must affirm the judgment of dismissal.
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