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MERRILL LYNCH v. MANNING

Docket No.: 14-1132
Certiorari Granted: 06/30/15
Argued: December 1, 2015

Topics:

Section 27 of the Securities Exchange Act 1934, Securities Exchange Act 1934

PartyNames: Merrill Lynch, Pierce, Fenner & Smith, Inc., et al. v. Greg Manning, et al.
Petitioner: Merrill Lynch, Pierce, Fenner & Smith, Inc., et al.
Respondent: Greg Manning, et al.

Court Below: United States Court of Appeals for the Third Circuit
Citation: 772 F.3d 158
Supreme Court Docket

Merrill Lynch, Pierce, Fenner & Smith, Inc., et al.
v.
Greg Manning, et al.
Background:

Section 27 of the Securities Exchange Act of 1934 provides that federal courts "shall have exclusive jurisdiction" over "violations of [the Act] or the rules and regulations thereunder, and of all suits in equity and actions at law brought to enforce any liability or duty created by [the Act] or the rules and regulations thereunder." 15 U.S.C. $ 78aa(a). The Fifth and Ninth Circuits have held that Section 27 provides federal jurisdiction over state-law claims seeking to establish liability based on violations the Act or its regulations or seeking to enforce duties created by the Act or its regulations. In acknowledged conflict with those decisions, the Third Circuit in this case joined the Second Circuit in holding that Section 27 does not itself create federal jurisdiction over state-law claims that otherwise fall within its terms.

Question Presented:

Whether Section 27 of the Securities Exchange Act 1934 provides federal jurisdiction over state-Iaw claims seeking to establish liability based on violations of the Act or its regulations or seeking to enforce duties created by the Act or its regulations.

MERRILL LYNCH v. MANNING
ORAL ARGUMENT

December 1, 2015

Listen to Oral Argument in MERRILL LYNCH v. MANNING
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