7th Circ. Undoes Class Cert. In Allstate Stock-Drop Suit

Law360 (July 16, 2020, 10:46 PM EDT) -- The Seventh Circuit on Thursday vacated a lower court's decision to certify a class of investors in a stock-drop suit against Allstate Corp., ruling that while class certification may be appropriate, the court didn't adequately consider evidence that Allstate stock prices were not impacted by allegedly lax underwriting standards.

In a unanimous decision penned by U.S. Circuit Judge David F. Hamilton, the panel agreed with Allstate that a U.S. Supreme Court precedent requires judges to weigh and make findings on the price-impact evidence at the class certification stage.

"The Supreme Court has long warned the lower federal courts not to confuse...

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