Important Conflict Being Overlooked In Omnicare Case

Law360, New York (March 6, 2014, 1:21 PM EST) -- Breaking ranks with every other federal appellate court to have reached the issue,[1] a Sixth Circuit panel held in Indiana State District Council of Laborers v. Omnicare Inc., 719 F.3d 498 (6th Cir. 2013), that when a claim under Section 11 of the Securities Act of 1933 is based on a statement of opinion, the plaintiff need not plead or prove that the defendant actually believed that the statement of opinion was false when it was made.

In rejecting a “subjective falsity” (or “subjective disbelief”) requirement,...
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