United States: Amgen: The Basic Problem - Fried Frank Harris Shriver & Jacobson
This week, in a 6 - 3 decision, the Supreme Court held that a plaintiff bringing a securities class action under Section 10(b) of the Exchange Act need not prove the materiality of the putative misstatement at the class certification stage to invoke the presumption of reliance established in Basic v. Levinson.
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Found more than 1 month ago on channel
Mondaq
United States: Securities Litigation Defense Implications From The Supreme Court's Amgen Opinion - Jones Day
On February 27, 2013, the Supreme Court ruled in Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085, that plaintiffs in a federal securities fraud action need not prove the materiality of an alleged misrepresentation to certify a class under the fraud-on-the-market theory.
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Found 1 month ago on channel
Mondaq
Canada: The Second Opinion: The U.S. Supreme Court Questions Fraud-On-The-Market - McCarthy Tétrault LLP
A discussion on the recent U.S. Supreme Court ruling in the Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, a securities fraud class action which is an important milestone in the evolution of the defences to securities disclosure class actions in the U.S., and potentially in Canada too.
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Found 1 month ago on channel
Mondaq
United States: Supreme Court's Decision Reshapes Class Certification For Future Securities Class Actions - Holland & Knight
On February 27, 2013, the U.S. Supreme Court addressed a long-standing circuit split on the issue of whether, when bringing a securities fraud class action under Section 10(b) of the Securities Exchange Act of 1934, a plaintiff must prove that the defendant's alleged misrepresentations are material at the class certification stage and whether a lack of materiality can be used by the defendant to rebut the "fraud-on-the-market" presumption of reliance.
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Found more than 1 month ago on channel
Mondaq
Supreme Court court won't hear Goldman Sachs class action appeal
WASHINGTON - The Supreme Court on Monday declined to consider a dispute over a class action lawsuit that accused Goldman Sachs Group Inc of misleading investors about the risks associated with mortgage securities offerings.
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Found more than 1 month ago on channel
Reuters