Why The Halliburton Court Cared About Procedures

Law360, New York (March 11, 2014, 6:36 PM EDT) -- By now, most of us have heard about argument in Halliburton v. Erica P. John Fund, No. 13 317, which took place before the U.S. Supreme Court last week. Of course, it is impossible to know how the court will rule when it issues its opinion later this year — likely in June. However, analysts generally have agreed upon two takeaways from the argument.

First, despite some recognition by the justices that the efficient market theory underlying Basic Inc. v. Levinson, 485 U.S. 224 (1988), is...
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