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US Supreme Court holds that proof of materiality is not a prerequisite to certifying a securities fraud class action under § 10(b) of the Securities Exchange Act and Rule 10b-5

USA - March 5 2013 On February 27, 2013, the US Supreme Court in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds cleared the way for shareholder plaintiffs…

Co-authors: Lori A. Alvino McGill, Kevin H. Metz , Sarah A. Greenfield, Robert J. Malionek.

Second Circuit provides guidance on what constitutes “domestic” securities transactions for Section 10(b) liability

USA - April 4 2012 In 2010, the US Supreme Court held in Morrison v. National Australia Bank Ltd. that Section 10(b) of the Securities Exchange Act of 1934 only applies to “transactions in securities listed on domestic exchanges and domestic transactions in other securities.”

Co-authors: John D. Castiglione, Robert J. Malionek.