March 11, 2014

Supreme Court To Reconsider "Fraud-on-the-Market" Presumption in Securities Fraud Class Actions

Arnold & Porter Advisory

On March 5, 2014, the U.S. Supreme Court heard oral arguments in the much anticipated case of Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317. The Halliburton case presents a critical issue regarding the viability of maintaining a private securities fraud lawsuit as a class action: whether the plaintiffs are permitted to invoke the "fraud-on-the-market" presumption to establish that there are common issues of reliance sufficient to certify a class.

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