This memo explores the chances of defeating litigation brought by investors who claim injury due to a financial institution’s or investment manager’s conduct during the credit crisis that started in 2007. As these cases proceed toward resolution, defendants increasingly have defeated these claims by arguing that plaintiffs could not prove that the defendant’s conduct – as opposed to market or economic events at the time – caused the investment losses. However, hurdles remain for defendants seeking to prevail on this ground, and the article provides practical advice for financial institutions and their counsel in how to maximize the chances of succeeding on this basis.