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Expert Analysis

Pragmatism V. Principle: Loss Causation And Basic

Law360, New York (June 1, 2011, 3:39 PM EDT) -- On April 25, the U.S. Supreme Court heard oral argument in Erica P. John Fund Inc. v. Halliburton Co., No. 09-1403. The court will decide whether the Fifth Circuit's decision in that case — that the failure of a federal securities fraud class action plaintiff to prove loss causation at the class certification stage precludes application of the fraud-on-the-market presumption and accordingly bars class certification — conflicts with Federal Rule of Civil Procedure 23 and Basic Inc. v. Levinson, 485 U.S. 224 (1988), which adopted the fraud-on-the-market presumption....

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