Understanding The 'Midway Position' In Halliburton

Law360, New York (March 14, 2014, 7:04 PM EDT) -- The U.S. Supreme Court recently heard oral argument in Halliburton Co. v. Erica P. John Fund Inc., a case concerning the continued viability of the “fraud-on-the-market” presumption of reliance in securities fraud class actions.[1] As many commentators have noted, the justices focused at oral argument on an amicus brief that advocates replacing the current framework with a “market-impact inquiry” and “event studies,” along with the practical implications of such a shift.[2]

Less prominent, however, was a dialogue about why this doctrinal shift makes sense. As primary...
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