Loss Causation Not Necessary For Class Cert.: High Court

Law360, New York (June 6, 2011, 12:19 PM EDT) -- The U.S. Supreme Court on Monday ruled that investors are not required to prove that corporate misstatements caused their investment losses in order to win class certification, dealing a blow to Halliburton Co. in a shareholder suit.

In a unanimous decision, the high court found that the Fifth Circuit wrongly held that the Erica P. John Fund Inc. was required to prove that misstatements by Halliburton caused it to lose money on its investment with the energy giant. Rather, the plaintiffs merely had to prove that...
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