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14 results found

Article

Kramer Levin Naftalis & Frankel LLP | USA | 24 Jun 2014

Supreme Court holds that defendants may use price impact evidence to rebut the fraud on the market doctrine at the class certification stage in federal securities fraud actions

Since last November -- when the Supreme Court granted certiorari in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 ("Halliburton II"), to

Article

Kramer Levin Naftalis & Frankel LLP | USA | 23 Dec 2013

Supreme Court to address the fiduciary presumption of prudence in ERISA "stock drop" class action litigation

On December 13, the Supreme Court granted certiorari in Fifth Third Bancorp v. Dudenhoeffer, No. 12- 751, to clarify whether plaintiffs asserting

Article

Kramer Levin Naftalis & Frankel LLP | USA | 20 Nov 2013

Supreme Court grants certiorari to address "fraud on the market" presumption in securities class actions

On November 15, in a much-anticipated move, the Supreme Court granted certiorari in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317, to

Article

Kramer Levin Naftalis & Frankel LLP | USA | 12 Mar 2013

Supreme Court addresses standards for class certification in federal securities fraud actions

On February 27, 2013, the Supreme Court issued its much-anticipated decision in Amgen, Inc. v. Connecticut Retirement Plans & Funds, 568 U.S. __

Article

Kramer Levin Naftalis & Frankel LLP | USA | 16 Aug 2012

Second Circuit addresses standard for pleading loss causation under Dura Pharmaceuticals

On August 1, 2012, the Second Circuit decided Acticon AG v. China North East Petroleum Holdings, Limited, No. 11-4544-cv, considering the standard for pleading loss causation -- that is, the necessary causal relationship between an alleged fraud and actual economic loss -- in private civil actions under Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5.

Article

Kramer Levin Naftalis & Frankel LLP | USA | 15 Jun 2012

Supreme Court grants certiorari to address question whether plaintiffs must prove materiality prior to class certification in federal securities fraud actions

For over 20 years, the “fraud on the market” theory under Basic Inc. v. Levinson, 485 U.S. 224 (1988), has been a key tool for plaintiffs in class action securities fraud litigation.

Article

Kramer Levin Naftalis & Frankel LLP | USA | 14 Jun 2011

Securities litigation alert: Supreme Court narrows scope of primary liability in federal securities fraud actions

Over 15 years ago, in Central Bank of Denver, N.A. v. First Interstate Bank of Denver, N.A., 511 U.S. 164 (1994), the Supreme Court held that Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5 do not permit private civil plaintiffs to recover on an aiding and abetting theory.

Article

Kramer Levin Naftalis & Frankel LLP | USA | 10 Jun 2011

Supreme Court holds that, at class certification stage, proof of loss causation not required to establish “fraud on the market”

On June 6, 2011, the Supreme Court issued its decision in Erica P. John Fund, Inc. v. Halliburton Co., No. 09-1403, resolving a circuit split and unanimously holding that in proposed class actions under Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5, proof of loss causation is not a prerequisite to class certification.

Article

Kramer Levin Naftalis & Frankel LLP | USA | 8 Nov 2010

SEC proposes rules to implement Dodd-Frank whistleblower program

On November 3, 2010, by a unanimous vote, the Securities and Exchange Commission proposed rules to implement the whistleblower incentives and protection provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank").

Article

Kramer Levin Naftalis & Frankel LLP | USA | 15 Jul 2010

Supreme Court grants certiorari in mutual fund market timing case

On June 28, 2010, the Supreme Court granted certiorari in Janus Capital Group, Inc. v. First Derivative Traders, No. 09-525, to review a decision by the Fourth Circuit that reinstated a federal securities fraud complaint.

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