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U.S. Supreme Court rejects need to prove materiality at class-certification stage in securities class actions
  • Proskauer Rose LLP
  • USA
  • February 27 2013

The U.S. Supreme Court ruled on February 27, 2013 that a plaintiff need not prove materiality as a prerequisite to obtaining class certification in a

Supreme Court holds proof of loss causation not required for class certification but challenges remain to the presumption of reliance
  • Proskauer Rose LLP
  • USA
  • June 9 2011

In Erica P. John Fund, Inc. v. Halliburton Co., 563 U.S. ___ (2011) (“Halliburton”), the Supreme Court held that proof of loss causation was not required to obtain class certification, unanimously reversing the Fifth Circuit, which had established a contrary rule in Oscar Private Equity Invs. v. Allegiance Telecom, Inc., 487 F.3d 261, 269 (5th Cir. 2007), and applied that contrary rule to affirm the denial of class certification in Erica P. John Fund, Inc., 597 F.3d 330

Sarah S Gold
  • Proskauer Rose LLP