Former Lawmakers, SEC Officials Enter Halliburton Fray

Law360, New York (January 7, 2014, 7:47 PM EST) -- Jumping into the closely watched Halliburton case on Monday, several former congressmen and U.S. Securities and Exchange Commission officials told the U.S. Supreme Court that lawmakers never endorsed a controversial legal theory that makes it easier for stock market investors to launch class actions.

The former officials filed a brief in Halliburton Co. v. Erica P. John Fund, a case in which the high court is considering whether to overturn its 1988 ruling in Basic v. Levenson. The Basic decision had spawned the fraud-on-the-market theory, which...
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