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Email In the first quarter of 2022, federal appellate courts issued a number of thought-provoking (albeit not monumental) decisions addressing the reach of the federal securities laws and, in some cases, highlighting potentially powerful defenses for litigants. https://www.cadwalader.com/resources/clients-friends-memos/securities-litigation-update-courts-of-appeal-address-the-exchange-acts-exclusive-jurisdiction-and-non-waiver-provisions-the-duty-to-disclose-and-scienter