The federal securities laws are vast and intricate. To complicate things further, congressional, regulatory, and judicial actions all combine to make this area of law prone to quick and dramatic change. Although securities litigation occurs most frequently in specific federal districts, cases are brought throughout the country, resulting in frequent case-law differences among the circuits. The stakes of such cases can be quite high, and not only for the parties involved. Lawyers, compliance officers, traders, and other industry workers are very finely attuned to even small pronouncements on the nature of the securities laws. Judges should not be surprised if market participants well beyond their own districts pore over their decisions on issues of first impression. That is not to say that securities cases are not without their rewards. Judges interviewed for this guide appreciate the intellectual challenge of such cases, and they agree that the lawyers involved tend to be experienced and smart, which makes the cases demanding, but structured. This pocket guide is designed to offer judges an introduction to the law and practice of securities litigation. It provides an overview of the types of legal and practical issues judges may confront in litigation arising under the securities laws, and, where possible, offers suggestions. This guide also identifies the areas of securities law most prone to circuit splits or frequent change, so that judges know where to be particularly vigilant about looking at up-to-date case law and legislation.