Justices to examine class certification in securities fraud case
The U.S. Supreme Court will decide whether a securities plaintiff must establish loss causation at the time of class certification when suing under a “fraud on the market” theory. The Court agreed to...
View ArticleClass action allowed under fraud-on-the-market theory
A securities fraud class action could proceed under a presumption that individual class members relied on the defendant’s alleged misrepresentations, the 9th Circuit has ruled in affirming...
View ArticleVioxx suit improperly certified as class action
A product liability suit concerning the pain killer Vioxx could not be certified as a class action under a “fraud-on-the-market” theory of liability, the Kentucky Court of Appeals has ruled in...
View ArticleJustices take up fraud-on-the-market case
The U.S. Supreme Court has agreed to decide whether plaintiffs must prove materiality to certify a fraud-on-the-market case for class status, and also whether the defendant may present evidence...
View ArticleCourt ponders class certification standard in securities fraud case
WASHINGTON – In the second of two cases considering what class action plaintiffs must prove to make it past the certification stage, the justices of the U.S. Supreme Court tackled the issue of whether...
View ArticleCourt rejects materiality requirement for securities class certification
A securities fraud plaintiff was not required to submit proof of materiality in order to obtain class certification, the U.S. Supreme Court has ruled 6-3. The decision affirmed a ruling from the 9th...
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