Supreme Court of the United States Securities Fraud

The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary... more +
The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term.  The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -
News & Analysis as of

Supreme Court limits liability for statements of opinion contained in securities offerings

In a highly anticipated decision issued Tuesday, the United States Supreme Court confirmed that an issuer’s statements of honestly held opinion or belief cannot give rise to liability under section 11 of the Securities Act of...more

The Supreme Court's Omnicare Decision: Implications And Remaining Questions Regarding When Opinions Are Actionable Under The...

On March 24, 2015, the Supreme Court issued its much anticipated decision in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, No. 13-435, 2015 WL 1291916 (Mar. 24, 2015). With some significant...more

Context, Reasons, Hedges, and Disclaimers: The Supreme Court’s Ruling in Omnicare May Shape Whether and How Companies Express...

The Supreme Court’s decision yesterday in Omnicare Inc. v. The Laborers District Council Construction Industry Pension Fund, No. 13-435 (U.S. March 23, 2015) articulated the standard of liability for statements of opinion. At...more

Omnicare Decision Clarifies Grounds for Section 11 Liability

The Supreme Court holds that section 11 liability does not attach to a statement of opinion merely because the opinion is objectively false. On March 24, the US Supreme Court issued its highly anticipated decision in...more

Supreme Court’s Omnicare Decision Follows Middle Path Advocated by Lane Powell and WLF

In the opinion issued yesterday in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund (“Omnicare”), the Supreme Court rejected the two extremes advocated by the parties regarding how the truth or...more

Supreme Court Holds That Issuers Can Be Liable for Omitting Material Facts From Statements of Opinion in Omnicare Case

In its opinion in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, released yesterday, the U.S. Supreme Court held that a securities issuer’s statement of opinion in a registration statement,...more

"Omnicare Decision Clarifies Pleading Standard for Section 11 Claims Based on Statements of Opinion in Registration Statements"

In an opinion issued yesterday, the U.S. Supreme Court held in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund that an issuer may be held liable under Section 11 of the Securities Act of 1933...more

2014 Insider Trading Annual Review

Overview of Insider Training Law - “Insider trading” is an ambiguous and overinclusive term. Trading by insiders includes both legal and illegal conduct. The legal version occurs when certain corporate insiders –...more

Third Circuit Defines "Extraterritorial" Applicability of Federal Securities Laws in United States v. Georgiou

The U.S. Court of Appeals for the Third Circuit added its voice yesterday to the ongoing judicial effort to construe the U.S. Supreme Court's 2010 decision in Morrison v. National Australia Bank, concerning the extent to...more

Third Circuit Defines “Extraterritorial” Applicability of Federal Securities Laws in United States v. Georgiou

The U.S. Court of Appeals for the Third Circuit added its voice yesterday to the ongoing judicial effort to construe the U.S. Supreme Court’s 2010 decision in Morrison v. National Australia Bank, concerning the extent to...more

Justice Scalia Places Renewed Focus on Lenity in Hybrid Civil-Criminal Statutes

On November 10, 2014, the Supreme Court denied Douglas Whitman’s petition for a writ of certiorari in Whitman v. United States, No. 14-29; Justice Antonin Scalia, joined by Justice Clarence Thomas, issued a brief statement...more

2 New Cases Temper Post-Halliburton Expectations

In June of this year, the U.S. Supreme Court ruled that a defendant can rebut the presumption of reliance at the class certification stage of a securities fraud class action by showing that the alleged misstatement did not...more

The Supreme Court approves a new tool to defeat class certification in federal securities fraud cases brought in the Fifth Circuit...

The Supreme Court decision in Halliburton v. Erica P. John Fund, Inc., 134 S.Ct. 2398 (2014) concerns a federal securities fraud class action. The case was appealed from the Fifth Circuit. In Haliburton, the Supreme Court...more

Eleventh Circuit Affirms Securities Fraud Class Certification, Remands for Evidence to Rebut Presumption of Market Efficiency

In Local 703 v. Regions Financial Corp., No. 12:14168 (Aug. 6, 2014), the Eleventh Circuit reviewed the certification of a securities fraud class action brought by investors against Regions for allegedly misrepresenting its...more

11th Circuit Opts For Flexibility over Predictability in Securities Fraud Class Actions

Securities fraud class actions tend to be battles that come to a head at the class certification stage. If the plaintiff group can certify a class, a large settlement often follows. If class certification fails, the case...more

Benefits Litigation Update - Summer 2014

In this issue: - Recent Supreme Court Decisions Revise Rules for Stock Drop Cases - Hobby Lobby and the Questions Left Unanswered - Post-Amara Landscape Continues to Evolve - Supreme Court to...more

Securities Fraud Class Actions are Here to Stay, For Now

On June 23, 2014, the Supreme Court of the United States rendered its opinion in Halliburton Co. v. Erica P. John Fund, No. 13-317, 134 S. Ct. 2398 (2014), unanimously declining to overturn a 26-year-old precedent that...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

Madoff Bankruptcy Decision Offers Protection for Foreign Investors

In re Madoff Securities Extends Morrison Framework to Prevent Avoidance of Purely Foreign Transfers under SIPA and the Bankruptcy Code - Applying the U.S. Supreme Court’s landmark decision in Morrison v. National...more

Halliburton: Although Basic Stands, Companies May Thwart Certification of Securities Class Actions by Rebutting the Presumption of...

The highly anticipated U.S. Supreme Court ruling in Halliburton Co. v. Erica P. John Fund, Inc., 573 U. S. ____ (2014) (June 23, 2014) left intact the fraud-on-the-market theory established by the Supreme Court in Basic Inc....more

The Impact of Halliburton on Directors and Officers Insurance

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

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...

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 Upholds Securities Class Action “Fraud On The Market” Theory

On June 23, the U.S. Supreme Court rejected a challenge to the long-standing “fraud-on-the-market” theory, on which securities class actions often are based. Halliburton v. Erica P. John Fund Inc., No. 13-317, 2014 WL 2807181...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

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