However, this decision was reversed on appeal by the Second Circuit Court of Appeals, which ruled that the holder claims did not satisfy the SLUSA requirement that the fraud claims be brought "in connection with the purchase or sale" of securities.
This decision was reversed on appeal by the Second Circuit Court of Appeals. This was however. The fraud claims be brought "in connection with the purchase or sale" of securities. The holder claims did not satisfy the SLUSA requirement this. The Second Circuit Court of Appeals ruled this.