Revisiting Affiliated Ute: 4 Lines Of Cases In 3rd Circ.
By John HarnesMay 19, 2017, 11:47 AM EDT
Law360, New York (May 19, 2017, 11:47 AM 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.
John Harnes Affiliated Ute Citizens of Utah v. United States, 406 U.S. 128 (1972), involved a claim by mixed-blood Indian sellers of securities against individuals who had been market makers and purchasers of such...