News & Analysis as of

No Supreme Court Review of Moldy Washer Cases

Yesterday, the Supreme Court denied certiorari in two highly anticipated appeals of decisions by the Sixth and Seventh Circuit Courts of Appeals to grant class certification over breach of warranty claims involving allegedly...more

Will Securities Fraud Class Actions Fade Into History?

The U.S. Supreme Court’s grant of certiorari in Halliburton Co. v. Erica P. John Fund, No. 13-317, suggests a dramatic change in private securities litigation is possible. On November 15, 2013, the Court accepted...more

Not So Basic Supreme Court to Revisit the Fraud-­on-­the Market Presumption of Reliance

Parties to pending securities fraud class actions may adjust litigation strategies, even before the Court revisits Basic’s presumption of investor reliance. On Friday, November 15, 2013, the Supreme Court granted...more

Recent Supreme Court Rulings on Class Actions

The Supreme Court continued to focus on class action litigation during this term, handing down a number of significant rulings relating to jurisdiction, class certification, and arbitration of putative class claims. The many...more

Basic Is Anything But: Courts Continue to Wrangle with the Fraud-on-the-Market Presumption

It has been 25 years since the Supreme Court announced the fraud-on-the-market presumption of reliance in Basic Inc. v. Levinson, 485 U.S. 224 (1988). Yet many courts, including the Supreme Court itself, continue to struggle...more

Sixth Circuit Reaffirms Class Certification in Light of Amgen and Comcast

The US Court of Appeals for the Sixth Circuit has reaffirmed the certification of a class of purchasers of Whirlpool appliances in light of the Supreme Court’s recent decision in Comcast Corp. v. Behrend, 133 S. Ct. 1426...more

Corporate and Financial Weekly Digest - July 26, 2013

In this issue: - District Court Rejects Challenge to SEC Conflict Minerals Rule - Mandatory Clearing of iTraxx CDS Indices for Category 2 Entities Began July 25 - CFTC Issues Extension of Time-Limited...more

"Business Cases in the US Supreme Court"

The U.S. Supreme Court recently closed its 2012 term with its usual headline-grabbing flurry of June decisions. Several of those decisions, as well as many more that received less publicity, will affect business interests. In...more

June 2013: Securities Litigation Update - Supreme Court Rejects the Need to Prove “Materiality” for Class Certification in...

Resolving a split among several circuits, the U.S. Supreme Court in Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, 133 S.Ct. 1184 (2013), held that plaintiffs are not required to demonstrate that misrepresentations...more

Business News Digest – April 2013

In this issue: - Finders May Pose Risk in Private Capital Raising - NIST Holds First Workshop on Executive Order Cybersecurity Framework - NIST Issues Request for Information, Begins Developing...more

Behrend and Amgen: The Supreme Court Sends Mixed Signals About Reaching the Merits at the Class Certification Stage

The U.S. Supreme Court has sent mixed signals this term regarding when courts can address merits issues at the class certification stage. On March 27, 2013, in Comcast Corp. v. Behrend, the Court reaffirmed that lower courts...more

Supreme Court's Decision Reshapes Class Certification for Future Securities Class Actions

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...more

Supreme Court Eases Burden for Securities Class Action Plaintiffs

The U.S. Supreme Court recently rejected the need for plaintiffs to prove materiality at the class certification stage in federal securities fraud class actions, thus allowing shareholders of Amgen to proceed as a class in a...more

Inside The Courts - March 2013 | Volume 5 | Issue 1

In This Issue: *U.S. SUPREME COURT - Class Certificaton - Amgen Inc. v. Conn. Ret. Plans and Trust Funds, No. 11 1085 (U.S. Feb. 27, 2013) - Statutes of Limitations - Gabelli v. Sec. & Exch. Comm’n, No....more

The Material Impact of the Amgen Decision on D&O Insurance

In Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085 (Slip Op. Feb. 27, 2013), the U.S. Supreme Court, in a 6-3 majority opinion (Ginsburg, J.), affirmed the U.S. Court of Appeals for the 9th Circuit’s...more

United States Supreme Court Holds that Class Action Securities Fraud Plaintiffs Need Not Prove the Materiality of the Alleged...

In Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, No. 11-1085, ___ WL ______ (U.S. Feb. 27, 2013), the United States Supreme Court affirmed the decision of the United States Court of Appeals for the Ninth Circuit...more

Applicability of Amgen Decision Should be Very Narrow

When the Supreme Court issued its decision in Wal-Mart Stores, Inc. v. Dukes in 2011, defense lawyers hailed the case as a game-changer that would level the class action playing field in an arena that traditionally favored...more

Supreme Court Holds That Proof Of Materiality Is Not A Prerequisite To Certification Of Fraud-On-The-Market Securities Class...

On February 27, 2013, the United State Supreme Court issued its decision in Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, No. 11-1085, 568 U.S. __ (2013). In an opinion authored by Justice Ginsburg,1 the Supreme...more

Supreme Court Rules In Favor Of Plaintiffs In Amgen Securities Class Action

Continuing its recent trend of handing down plaintiff-friendly decisions in private securities class actions brought under Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and SEC Rule 10b-5 (Rule...more

Supreme Court Holds Securities Fraud Class Certification Does Not Require Showing Of Materiality, With Strong Dissents Questioning...

In its long-awaited decision in Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, No. 11-1085 (U.S. Feb. 27, 2013), the U.S. Supreme Court held that plaintiffs in a securities-fraud class action do not need to...more

Life Sciences Companies Should Protect Themselves Against Increased Exposure to Costly Securities Fraud Lawsuits After Supreme...

What you need to know: The Supreme Court recently found that defendants in class action securities fraud lawsuits will not be able to challenge the materiality of allegedly fraudulent misstatements or omissions at the...more

Litigation Alert: Amgen: A Pyrrhic Victory For Plaintiffs in Securities Class Actions?

In a 6-3 decision issued last week, the Supreme Court ruled in Amgen Inc. v. Connecticut Ret. Plans & Trust Funds, 568 U.S. ___, 2013 WL 691001 (Feb. 27, 2013), that shareholders bringing class actions under Section 10(b) of...more

U.S. Supreme Court Lowers the Bar for Class Certification in Private Securities Fraud Actions

On February 27, 2013, the U.S. Supreme Court issued its opinion in Amgen, Inc. v. Connecticut Retirement Plan and Trust Funds, 568 U.S. ___ (2013), resolving a conflict among the Courts of Appeals "over whether district...more

Reading Tea Leaves After the Supreme Court’s Amgen Securities Litigation Decision

On February 27, 2013, the Supreme Court issued its ruling in Amgen Inc. v. Connecticut Retirement Plans and Trust Fund. In the decision, the Court held that plaintiffs in 10b-5 securities litigation need not prove...more

Supreme Court Ruling Lowers Class Action Hurdle for Securities Fraud Cases

On February 27, the Supreme Court upheld a lower court’s determination that proof of materiality is not required before certifying a securities fraud class action....more

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