Merrill Lynch moved to dismiss the class action, arguing that it was preempted by the Securities Litigation Uniform Standards Act, which bars class action lawsuits from bringing state law claims for fraud "in connection with the purchase or sale" of securities.
Merrill Lynch again moved for dismissal, which was granted by Senior Judge Milton Pollack, on the grounds that the claims were "squarely within SLUSA's ambit."[REF]