News & Analysis as of

Presumption of Reliance

Southern District Of Ohio Holds Defendants Cannot Challenge The Manner In Which Shares Were Purchased At The Class Certification...

by Shearman & Sterling LLP on

On March 17, 2017, Judge Michael Watson of the United States District Court for the Southern District of Ohio certified a securities class action brought against Big Lots, Inc. (“Big Lots”) and various current and former...more

Be Careful What You Wish For, Part II: Would Companies Be Better Off Without the Fraud-on-the-Market Doctrine?

The villain in the fight against securities class actions is the fraud-on-the-market presumption of reliance established by the U.S. Supreme Court in 1988 in Basic Inc. v. Levinson, 485 U.S. 224 (1988). Without Basic, the...more

Chris Lazarini Analyzes Requirements in FRCP Rule 23 for Class Certification

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a putative class action case that posed whether common questions of law or fact predominate on the reliance element of Plaintiffs' Section 10(b) claims. The court concluded...more

SEC Wins Jury Verdicts Against City of Miami, Budget Director

by Dorsey & Whitney LLP on

The SEC prevailed at trial in an action against the City of Miami and its former budget director, Michael Boudreaux centered on three bond offerings. Specifically, the jury returned verdicts in favor of the Commission as to...more

UK Supreme Court adopts new “range of factors” approach to defence of illegality

by Latham & Watkins LLP on

Recent decision adopts less formal, more expansive test for the defence of illegality in English law. Overview - The UK Supreme Court has rejected a formal “reliance” test to determine whether a defendant to a...more

UK Supreme Court Adopts New “Range of Factors” Approach to Defence of Illegality

by Latham & Watkins LLP on

The UK Supreme Court has rejected a formal “reliance” test to determine whether a defendant to a civil claim can rely on the claimant’s wrongdoing to defeat the claim, replacing it with a more fact-sensitive “range of...more

Class Certification: Halliburton II and Basic

by Dorsey & Whitney LLP on

The predicate for many securities class actions is the fraud-on-the-market theory, adopted by the Supreme Court in Basic, Inc. v. Levinson, 485 U.S. 224 (1988). There the Court held that a securities law plaintiff could...more

Eighth Circuit Denies Class Certification in Securities Fraud Suit, Finding the “Fraud-on-the-Market” Presumption of Reliance Did...

by Morrison & Foerster LLP on

On April 12, 2016, the U.S. Court of Appeals for the Eighth Circuit issued a significant decision denying class certification in a federal securities fraud action, holding that the defendants had rebutted the...more

Reliance, and Why No One Likes Shopping for Used Cars

by Ellis & Winters LLP on

If you’ve ever shopped for a used car, you’ve probably been asked to sign a document that defines your warranty rights. Sometimes a used-car seller might make no warranty at all, asking you to agree that you’re buying the car...more

UK Government Plans to Extend New Senior Managers and Certificate Regimes to all UK Regulated Firms

by DLA Piper on

The initial reception to the new senior managers and certification regime (SM & CR) for banks building societies and PRA-designated investment firms was that the government had gone too far. There was concerns that...more

Class Certification, Unfair Trade Practices, and Governing Standards

by Ellis & Winters LLP on

In Bumpers v. Community Bank of Northern Virginia, the North Carolina Supreme Court held that when a plaintiff alleges a violation of N.C. Gen. Stat. § 75-1.1 based on a misrepresentation, the plaintiff must prove actual and...more

Marine Insurance Coverage—The Uberrimae Fidei Defense and Reliance as a Necessary Factor

by Benesch on

On August 20, 2015, the U.S. Court of Appeals for the Eighth Circuit ruled that demonstrating reliance is required to void a marine insurance policy under the uberrimae fidei defense. In doing so, the court reversed the...more

Using the Manitoba Limited Partnership to Better Protect Limited Partners in Canada

by DLA Piper on

The use of limited partnership structures is widespread in Canada, primarily as a way of achieving favourable tax treatment for joint venture and co-ownership situations. One of the essential features of the limited...more

Securities Claims Based on Item 303 of Regulation S-K: It Just Doesn’t Matter

In January 2015, the Second Circuit held in Stratte-McClure v. Morgan Stanley, 776 F.3d 94 (2nd Cir. 2015), that Item 303 of Regulation S-K imposes a duty to disclose for purposes of Section 10(b), meaning that the omission...more

BC Supreme Court Dismisses Applications for Certification of Consumer Protection Claims in Five Class Actions Against...

by DLA Piper on

On August 18, 2015, Madame Justice Adair of the B.C. Supreme Court refused to certify as class proceedings five separate actions against each of Air Canada, Deutsche Lufthansa Aktiengesellschaft, Delta Air Lines, Inc., United...more

Carrying the Halli-burden: District Court Takes Up Price Impact at Class Certification in the Wake of Halliburton v. Erica P....

In a lengthy ruling containing a detailed analysis of dueling economic expert reports, a federal court in Texas held on July 25, 2015 that defendant Halliburton Company demonstrated a lack of price impact at the...more

Trends in Securities Litigation Influenced by Recent Supreme Court Decisions

by Wilson Elser on

Securities Exchange Act Claims - Data from a National Economic Research Associates, Inc. study, Recent Trends in Securities Class Action Litigation: 2014 Full-Year Review, demonstrates that filings alleging securities...more

Establishing Paternity in New Jersey: Why It’s Legally Significant

Many people believe that when a man’s name is indicated on a child’s birth certificate, that name is enough to establish paternity. However, that is not necessarily the case, particularly since the mother can list anyone she...more

Defeating Class Certification: Halliburton II Ruling Impacts Securities Class Action Issues

by Williams Mullen on

In its June 23, 2014 opinion in Halliburton Co. v. Erica P. John Fund, Inc. (“Halliburton II”), the United States Supreme Court addressed two securities class action issues: 1. It affirmed the validity of the...more

The Impact of the Supreme Court’s Recent Halliburton Decision on Securities Litigation

On June 23, 2014, the Supreme Court issued its long-awaited decision in Halliburton Co. v. Erica P. John Fund, Inc. In Halliburton, the Court declined to overrule Basic v. Levinson, but rather imposed limitations on the...more

The Impact of Halliburton on Directors and Officers Insurance

by Cozen O'Connor on

Over the past year, directors and officers have been anticipating the Supreme Court’s ruling in Halliburton Co. et al. v. Erica John Fund, Inc., No. 13-317. In its recent 9-0 decision, the Supreme Court retained the...more

Supreme Court’s Halliburton Decision Opens New Line of Defense

by Latham & Watkins LLP on

In Halliburton Co. v. Erica P. John Fund, Inc., a rebuttable presumption must yield to the evidence at class certification. On June 23, 2014, the United States Supreme Court sustained the “fraud-on-the-market”...more

Halliburton II: Supreme Court Upholds Fraud on the Market Presumption, but Gives Securities Defendants a Fighting Chance at...

by K&L Gates LLP on

On June 23, 2014, the Supreme Court issued its highly-anticipated decision in Halliburton Co. v. Erica P. John Fund. The Court had accepted Halliburton for review to consider whether to overrule or substantially modify its...more

Supreme Court Decides Halliburton Co. v. Erica P. John Fund, Inc.

On June 23, the Supreme Court in Halliburton Co. v. Erica P. John Fund, Inc. held that a securities class action defendant may introduce evidence at the class certification stage to rebut the presumption that an alleged...more

Halliburton II: Recognizing Costs to Companies, Justices Provide Securities Litigation Defendants New Opportunity to Defeat Class...

by Pepper Hamilton LLP on

On June 25, 2014, the U.S. Supreme Court decided Halliburton Co. v. Erica P. John Fund, No. 13-317, __ U.S. __ (2014), slip op. (U.S. June 23, 2014) (Halliburton II), holding that defendants in a class action securities...more

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