What The Supreme Court's Amgen Decision Will Mean

Law360, New York (October 5, 2012, 2:13 PM EDT) -- In November 2012, the U.S. Supreme Court will again hear an appeal of a federal securities class action in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds (No. 11-1085). In the past two years, the Supreme Court has heard no less than five appeals arising from securities class actions.

Amgen required the court to reconsider its own landmark decision in Basic Inc. v. Levinson, 485 U.S. 224 (1988), adopting a rebuttable classwide presumption of reliance based on the “fraud-on-the-market” (FOTM) theory. The FOTM theory assumes...
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