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Tag Archives: Amgen v. Conn. Retirement Plans

Can Securities Fraud Defendants Rebut Price Impact To Avoid Class Certification?

Posted in Class Certification, Commonality, Predominance, Securities

In Section 10(b) securities-fraud cases based on affirmative misrepresentations, a class action cannot be certified unless investor reliance is presumed under the fraud-on-the-market theory of Basic, Inc. v. Levinson, 485 U.S. 224 (1988). In Erica P. John Fund, Inc. v. Halliburton Co., 131 S. Ct. 2179 (2011), the Supreme Court ruled that a plaintiff does… Continue Reading

Securities Fraud Defendant Rebuts Fraud-on-the-Market Presumption of Reliance

Posted in Class Certification, Motions Practice, Predominance, Securities

With all of the attention on last week’s Amgen decision, another interesting decision addressing the fraud-on-the-market presumption of reliance in securities fraud actions may have escaped notice. In GAMCO Investors, Inc. v. Vivendi, S.A. (S.D.N.Y. Feb. 28, 2013), Judge Scheindlin found that the defendant had rebutted the presumption of reliance as to a group of related… Continue Reading

Supreme Court Holds that Securities Fraud Plaintiffs Need Not Show Materiality at Class Certification

Posted in Class Certification, Securities

Today, in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085, the Supreme Court held that proof of materiality is not a prerequisite for class certification in a securities fraud class action under Section 10(b), even though materiality is a predicate of the fraud-on-the-market presumption of reliance.  The opinion for the majority of… Continue Reading

National Law Journal and Forbes Highlight Supreme Court’s Focus on Class Actions in Upcoming Term

Posted in U.S. Supreme Court

Today, Marcia Coyle of the National Law Journal and Daniel Fisher of Forbes each published previews of the just-commenced Supreme Court term that mention the three cases scheduled for argument that involve issues near and dear to the hearts of class-action practitioners: Standard Fire Insurance Co. v. Knowles, Comcast Corp. v. Behrend, and Amgen v…. Continue Reading