[3] This led to the withdrawal of deposits, the failure of Old Court and the subsequent collapse of MSSIC.

Justice Scalia wrote a concurring opinion to address dicta from the Gulf Offshore case that had been included in the Tafflin majority opinion that suggested that implications from legislative history could be used to imply that state courts lacked concurrent jurisdiction over federal claims.

His view was that Congress must make an affirmative clear statement in the statutory text to deprive a state court of jurisdiction of claims for that federal statute.

Although federal courts have exclusive jurisdiction of cases involving violations of the Securities Exchange Act, Tafflin allows plaintiffs to bring a RICO claim in state court and include concurrent claims from a Securities Exchange Act predicate violation, including Section 10(b) securities fraud claims.

[5] The inclusion of a RICO claim in these securities fraud actions allows a plaintiff to receive punitive and treble damages as well as the recovery of attorney's fees, types of damages which are rarely allowed in pure securities fraud cases.