High Court Raises Bar For Securities Class Actions
By Stephanie Russell-Kraft (June 23, 2014, 10:27 AM EDT) -- In its highly anticipated Halliburton decision, the U.S. Supreme Court on Monday declined to overturn its landmark Basic v. Levinson decision but ruled that securities defendants may rebut the fraud-on-the-market presumption of reliance before the class certification stage by showing a lack of price impact.
In a unanimous ruling in Halliburton Co. et al. v. Erica P. John Fund, the high court vacated and remanded the Fifth Circuit's decision that Halliburton could not prove at class certification that a slew of alleged misrepresentations had not caused a decline in its stock price.
The Supreme Court found that Halliburton did now show...
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