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Justice Roberts Holds The Key In Halliburton Arguments

Law360, New York (March 3, 2014, 8:34 PM EST) -- When the U.S. Supreme Court on Wednesday hears Halliburton Co.’s bid to overturn the 25-year-old fraud-on-the-market theory, all eyes will be on Chief Justice John Roberts, who may hold the swing vote in determining the future of securities class actions.  

The case, Halliburton Co. et al. v. Erica P. John Fund, challenges the high court’s 1988 Basic v. Levinson decision establishing the fraud-on-the-market theory presumption of reliance, which assumes that, in an efficient market, misrepresentations affect a company’s stock price by being carried through the market. Investors purchasing a security are presumed to have relied on that misstatement, a common...

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