Kathryn Campbell v. American International Group, 411 U.S. App. D.C. 362

Campbell filed a securities class action in federal court alleging state-law claims against AIG and its directors for reducing Equity Unit value.
District court dismissed for lack of federal subject-matter jurisdiction under SLUSA.
SLUSA precludes certain state-law securities-fraud class actions in state or federal court; subparts (a)-(c) address preclusion and removal.
Subsection (d) preserves certain state-law class actions based on the state of incorporation, commonly called the Delaware carve-out.
Court must determine whether SLUSA’s Delaware carve-out creates independent federal jurisdiction or merely preserves state-law claims without creating new jurisdiction.
Court affirms district court’s dismissal, finding SLUSA does not confer federal subject-matter jurisdiction under the Delaware carve-out.

Issue	Plaintiff's Argument	Defendant's Argument	Held
Whether SLUSA’s Delaware carve-out grants federal jurisdiction.	Campbell: carve-out creates independent federal jurisdiction.	AIG: carve-out preserves state claims but does not create jurisdiction.	No independent federal jurisdiction via Delaware carve-out.
Whether subsection (d) authorizes removal/maintenance of state-law actions in federal court.	Campbell: (d) allows federal court maintenance of Delaware-based actions.	AIG: (d) does not create extra jurisdiction beyond (b) and (c).	(Subsection (d)) does not create new federal jurisdiction.

Kircher v. Putnam Funds Trust, 547 U.S. 633 (U.S. 2006) (supports interpretation that (d) does not create independent jurisdiction)
Dabit v. Merrill Lynch, 547 U.S. 71 (U.S. 2006) (discusses the scope of SLUSA preclusion and its relationship to jurisdiction)
Madden v. Cowen & Co., 576 F.3d 957 (9th Cir. 2009) (limits removal to preclusion scope; informs (c) removal mechanics)
Thermtron Prods., Inc. v. Hermansdorfer, 423 U.S. 336 (U.S. 1976) (relevant to remand and jurisdiction issues under removal)