On March 20, 2018, the U.S. Supreme Court issued a much-anticipated decision in Cyan Inc. v. Beaver County Employees Retirement Fund, ruling that, pursuant to the Securities Litigation Uniform Standards Act of 1998 (SLUSA), state courts have concurrent subject-matter jurisdiction to hear certain securities class actions alleging violations of the Securities Act of 1933.

The high court’s decision brings finality to a long-standing split among state and federal courts regarding whether states courts have authority over “covered class actions” alleging only 1933 Act claims.