Who Cares What SCOTUS Says On Securities Fraud?

Law360, New York (May 12, 2010, 11:30 AM EDT) -- Congress enacted the Private Securities Litigation Reform Act of 1995 partly to “establish uniform ... pleading requirements” for cases alleging securities fraud because the “courts of appeals [had] interpreted Rule 9(b) in different ways, creating distinctly different pleading standards among the circuits.”[1]

Since the enactment of the Reform Act, the U.S. Supreme Court has granted certiorari in a number cases alleging securities fraud to resolve circuit splits and presumably thereby to create uniform standards applicable to securities fraud cases brought throughout the country.[2]

If consistency in...
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