Tuesday, July 01, 2008

Eighth Circuit Finds SLUSA Preemption in Bank of America Trust Beneficiaries Case

Per Kutten v. Bank of America, N.A., --- F.3d ----, 2008 WL 2406232 (8th Cir. June 16, 2008):

Background: Trust beneficiaries brought class action against bank, as trustee, alleging breach of fiduciary duty, breach of contract, and related claims, in connection with bank's alleged plan to convert trust assets into mutual funds owned by bank. The United States District Court for the Eastern District of Missouri, Paul A. Magnusen, J., 2007 WL 2485001, dismissed action. Beneficiaries appealed.

Holding: The Court of Appeals, Shepherd, Circuit Judge, held that action was preempted by Securities Litigation Uniform Standards Act (SLUSA).


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