Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning
2016 United States Supreme Court case / From Wikipedia, the free encyclopedia
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Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, 578 U.S. ___ (2016), was a United States Supreme Court case in which the Court held, 8–0, that the jurisdictional test established by §27 of the Securities Exchange Act of 1934 is the same as 28 U.S.C. § 1331's[1] test for deciding if a case "arises under" a federal law.[2]
Quick Facts Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, Argued December 1, 2015 Decided May 16, 2016 ...
Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning | |
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Argued December 1, 2015 Decided May 16, 2016 | |
Full case name | Merrill Lynch, Pierce, Fenner & Smith Inc., et al., Petitioners v. Greg Manning, et al. |
Docket no. | 14-1132 |
Citations | 578 U.S. ___ (more) 136 S. Ct. 1562; 194 L. Ed. 2d 671 |
Opinion announcement | Opinion announcement |
Case history | |
Prior | Motion to remand denied, Manning v. Merrill Lynch, Pierce, Fenner & Smith, Inc., No. 12-cv-04466-JLL, 2013 WL 1164838 (D.N.J. Mar. 20, 2013); reversed and remanded, 772 F.3d 158 (3d Cir. 2014); cert. granted, 135 S. Ct. 2938 (2015). |
Holding | |
Section 27 of the Securities Exchange Act of 1934 allows state courts to handle claims filed under their own investor-protection laws even if the litigation might involve some issues under federal securities law. The judgment of the Court of Appeals for the Third Circuit is affirmed. | |
Court membership | |
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Case opinions | |
Majority | Kagan, joined by Roberts, Kennedy, Ginsburg, Breyer, Alito |
Concurrence | Thomas, joined by Sotomayor |
Laws applied | |
The case invokes the general federal question statute, 28 U. S. C. §1331, which grants district courts jurisdiction of “all civil actions arising under” federal law. It also invoked §27 the Securities Exchange Act of 1934. |
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