Business Services Industry
California Supreme Court Allows Class-Action Suits to Proceed.
Knight Ridder/Tribune Business News, January, 1999 by Mintz, Howard
Knight Ridder/Tribune Business News
Jan. 5 -- The California Supreme Court made sure Monday that Silicon Valley companies must still cope with tens of millions of dollars in securities fraud lawsuits lurking in the state courts, many of them pending in Santa Clara County.
Although a new federal law now bars the filing of national class action securities cases in state courts, California's high court soundly rejected an attempt to short-circuit dozens of such suits already brought in this state over the past few years -- the bulk of them against the high-tech industry.
In a 5-2 ruling, the state's usually business friendly Supreme Court concluded that California has an interest in protecting consumers here and elsewhere against stock fraud...
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