US Asked To Weigh In On Securities Cert. Standards

Law360, New York (October 4, 2010, 5:40 PM EDT) -- The U.S. Supreme Court asked the government Monday for its opinion in a suit against Halliburton Co. on whether plaintiffs in putative securities fraud class actions should be required to establish loss causation in order to trigger the fraud-on-the-market presumption at the class certification stage.

The high court’s request stems from the U.S. Court of Appeals for the Fifth Circuit’s February affirmation of a lower court’s decision to deny a Halliburton Co. shareholder's bid for class certification in a securities fraud action on the ground that...
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