For those funds that have owned or currently own the ADRs or debt of Petrobras S.A., the Brazilian state-owned oil company, there are important
Since last November -- when the Supreme Court granted certiorari in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 ("Halliburton II"), to
On December 13, the Supreme Court granted certiorari in Fifth Third Bancorp v. Dudenhoeffer, No. 12- 751, to clarify whether plaintiffs asserting
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
On February 27, 2013, the Supreme Court issued its much-anticipated decision in Amgen, Inc. v. Connecticut Retirement Plans & Funds, 568 U.S. __
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.
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.
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.
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.
Section 806 of the Sarbanes-Oxley Act (2002) protects employees of public companies who 'blow the whistle' by reporting conduct that they reasonably believe constitutes a violation of federal law relating to financial, securities or shareholder fraud.