Halliburton Urges High Court To Curb Securities Actions

Law360, New York (January 3, 2014, 4:43 PM EST) -- Halliburton Co. and its CEO have asked the U.S. Supreme Court to overturn a 25-year-old ruling that makes it easier for stock market investors to launch class suits, arguing in a recent brief that the decision rests on a deeply flawed economic theory.

The energy giant and CEO David Lesar said in the Dec. 30 brief that the court should overturn Basic Inc. v. Levinson, a 1988 ruling that established the fraud-on-the-market theory. That theory — now a bedrock of securities litigation — assumes that investors...
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