Supreme Court Asks US To Weigh In On Loss Causation

Law360, New York (October 4, 2010, 2:19 PM EDT) -- Considering whether to take up a shareholder suit against drug distributor Omnicare Inc., the U.S. Supreme Court has asked the federal government to weigh in on whether loss causation can be used to dismiss accounting claims in securities class actions.

The high court is still weighing if it should hear an appeal of an October 2009 decision by the U.S. Court of Appeals for the Sixth Circuit to dismiss a class action brought by Omnicare investors. It has asked acting Solicitor General Neal Katyal to provide...
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