Amgen Tells High Court Investor Class Hinges On Materiality

Law360, New York (November 5, 2012, 10:26 PM EST) -- Amgen Inc. argued before the U.S. Supreme Court on Monday that plaintiffs in securities fraud suits should have to prove that allegedly misleading statements are material to a case for class certification, while investors said such a requirement would lead to a miniature trial on the merits.

Amgen and its investors, led by plaintiff Connecticut Retirement Plans and Trust Funds, squared off in oral arguments in the nation's highest court over the Ninth Circuit's holding that plaintiffs in a securities fraud action need only plausibly allege — not prove — materiality in order to certify a class. The holding sided with...

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