Supreme Court Docket Report - June 30, 2015

Today, the Supreme Court granted certiorari in three cases of interest to the business community:

• Securities Exchange Act of 1934—Scope of Federal Jurisdiction
• First Amendment and Collective Bargaining—Validity of Agency-Shop Arrangements
• Statutes of Limitations—Equitable Tolling

Securities Exchange Act of 1934—Scope of Federal Jurisdiction

Section 27 of the Securities Exchange Act of 1934 (the "Act") provides that federal courts "shall have exclusive jurisdiction" over "violations of [the Act] or the rules and regulations thereunder, and of all suits in equity and actions at law brought to enforce any liability or duty created by [the Act] or the rules and regulations thereunder." 15 U.S.C. § 78aa(a). But the lower courts have disagreed as to whether Section 27 creates federal jurisdiction or merely precludes state-court actions that rest on alleged violations of the Act or regulations issued under the Act.