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A Stay in a Federal Class Action Does Not Necessarily Bar a Plaintiff's State Law Claim for Books and Records

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December 23, 2004
By: Lewis H. Lazarus

With the passage of federal legislation regulating public companies such as Sarbanes-Oxley, the Securities Litigation Uniform Standards Act (SLUSA) and the Private Securities Litigation Reform Act of 1995 (PSLRA), courts are increasingly being called upon to examine the effects of those statutes on matters that were traditionally the domain of state law.

In the attached article, Lewis H. Lazarus provides insight into the case of Cohen v. El Paso Corp. which makes clear that state laws, such as the Delaware General Corporation Law, retain vitality for parties to class and derivative litigation.

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