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Vedder Price PC | USA | 1 Feb 2010

Court rules state market timing claims precluded by SLUSA

On January 6, 2010, in Kircher v. Putnam Funds Trust, the Illinois Appellate Court reversed the circuit court and remanded the case for dismissal, holding that the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) precluded the plaintiffs’ class action lawsuit against defendants alleging state law claims that their investments were diluted by the defendants’ market timing activities that were brought to light in September 2003.

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