LaSala v. Bordier et Cie, 3rd Cir. Mar. 11, 2008
06-4323 LaSala v. Bordier et Cie
USDC for the District of New Jersey
BEFORE: SLOVITER and AMBRO, Circuit Judges, and POLLAK,1 District Judge
POLLAK, District Judge: In this appeal, we are called upon to decide whether statelaw aiding-and-abetting-breach-of-fiduciary duty claims, which have passed from a corporation to its bankruptcy estate to a trust, may be brought in federal court by the trustees of the trust notwithstanding the Securities Litigation Uniform Standards Act (“SLUSA”), 15 U.S.C. § 78bb. We must further decide whether, under SLUSA, the trustees, as assignees of individual investors in the bankrupt enterprise, may assert, in federal court, against foreign entities, claims characterized as arising under foreign law for aiding and abetting money laundering. For the reasons that follow, we hold that SLUSA is no impediment to federal adjudication of either the state-law or the foreign-law claims. … LaSala v. Bordier et Cie.
- Honorable Louis H. Pollak, Senior District Judge of the United States District Court for the Eastern District of Pennsylvania, sitting by designation. [↩]
