1st Thoughts On Supreme Court's Amgen Ruling

Law360, New York (February 27, 2013, 7:43 PM EST) -- Today, in a 6-to-3 decision, the Supreme Court of the United States held in Amgen Inc., et al. v. Connecticut Retirement Plans and Trust Funds that a securities fraud plaintiff need not prove the materiality of an alleged fraudulent statement in order to invoke the fraud on the market presumption of reliance to obtain class certification. Justice Ruth Bader Ginsburg delivered the opinion of the court, Justice Samuel Alito concurred separately, and Justices Antonin Scalia, Clarence Thomas and Anthony Kennedy dissented.

The plaintiff sued Amgen under...
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