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Rebutting Presumption Of Reliance: Lessons From 2nd Circ.

Law360, New York (January 22, 2018, 2:51 PM EST) -- In Arkansas Teachers Retirement System v. Goldman Sachs Group Inc., No. 16-250 (2d Cir. Jan. 12, 2018), the Second Circuit vacated the certification of a securities fraud class action due to two errors by the district court in its rejection of defendants’ rebuttal of the fraud-on-the-market presumption of reliance. First, the Second Circuit held that the district court’s statement that the defendants had failed to “conclusively” prove a “complete absence of price impact” created doubt as to whether the district court had correctly applied the preponderance...
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