Securities Defense Bar Has High Hopes Riding On Omnicare

Law360, Washington (March 3, 2014, 8:09 PM EST) -- In agreeing to review a Sixth Circuit decision that effectively lowered the bar for class action plaintiffs to pursue fraud claims against executives, the U.S. Supreme Court now has the opportunity to clarify high court precedent while curtailing a lower court decision that experts say would have a “chilling effect” on executive speech if applied nationwide.

The high court on Monday granted cert in Omnicare Inc. v. Laborers District Council Construction Industry Pension Fund, taking up a challenge to the Sixth Circuit's May 2013 decision that...
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