Revisiting Affiliated Ute: Impact In The 7th Circ.

By Julie Goldsmith Reiser, Cohen Milstein Sellers & Toll PLLC (May 22, 2017, 3:55 PM EDT) -- Last month marked 45 years since the U.S. Supreme Court's ruling in Affiliated Ute Citizens of Utah v. United States, which established a rebuttable presumption of reliance for securities fraud claims based on omissions of material fact. This Expert Analysis special series explores the decision's progeny in the Supreme Court and various circuits.

Julie Goldsmith Reiser Affiliated Ute Citizens of Utah v. United States held that investors need not prove they relied on a defendant's omission of material information to establish their injury. Affiliated Ute v. United States, 406 U.S. 128 (1972). Instead, reliance is inferred from the importance of the...

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