There is serious concern over the Slusa Case. As you recall, some defendants have asked the Supreme Court to receive advise from the Executive over accepting or not the Slusa Case. Judge Godbey ruled for SLUSA and the case was taken to the 5th circuit were it was overuled.
IF the Supreme Court accepts the case and rules for it, all existing Class Actions will be dismissed. It will be devastating for all victims and for our legal representatives.
We have been advised that it is NOT unusual for the Court to ask the Solicitor General for his views about wether the court should entertain a discretionary appeal.
In general terms, the Court hears VERY FEW CASES, that are not mandatory, for example a dispute with a foreign country or a constitutional issue. Where the case involves the power of a Federal Agency with expertise in the area this is not unusual, thus the SEC has been asked for its views about whether the Court should take the case. Others also have been asked: the Receiver, the Committee, and the defendants.
Our representatives had two meetings with the SEC and the Solicitor Generals staff and explained WHY THEY BELIEVE THAT THEY SHOULD RECOMMEND AGAINST THE SUPREME COURT ACCEPTING THE CASE.
The meeting happened just last friday.
They have indicated that they will try to make a determination on their position by the end of December.
ALL CASES ARE PENDING ON THIS SITUATION.
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