New York State Court Holds PSLRA Bars Discovery In State Securities Act Cases Pending A Motion To Dismiss
On August 7, 2019, New York State Supreme Court Justice Andrew Borrok issued a stay of discovery, pending resolution of a motion to dismiss, in a putative class action asserting claims under the Securities Act of 1933. In re Everquote, Inc. Sec. Litig., Index No. 651177/2019, 2019 WL 3686065 (Sup. Ct. N.Y. Cnty. Aug. 7, 2019). Justice Borrok held that the automatic discovery stay under the Private Securities Litigation Reform Act of 1995 (“PSLRA”) applied to Securities Act claims brought in state court.CATEGORY: Discovery
New York Court Of Appeals Holds That The Common Interest Doctrine Protects Only Communications Relating To Pending Or Anticipated Litigation
On June 9, 2016, the New York Court of Appeals held that New York law does not exempt from discovery attorney-client privileged communications shared by parties that have a common legal interest, unless the communications relate to either pending or anticipated litigation. Ambac, et al. v. Countrywide Home Loans, Inc., et al., 2016 WL 3188989 (N.Y. Jan. 9, 2016).
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