The Supreme Court on Tuesday said group lawsuits over initial public offerings can be brought in state courts, a loss for companies that want tight restrictions on shareholder litigation.
The high court ruled unanimously that investors with IPO-related class-action claims have a choice of state or federal court when they allege a company misled investors about its business. Many companies want such lawsuits restricted to federal court because those judges have more experience with the federal laws that govern IPOs.
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