Earlier this week the Supreme Court reaffirmed the validity of the “fraud-on-the-market” presumption of reliance that significantly eases the burden on investors in obtaining certification of private securities fraud class actions, but held that defendants must be permitted an opportunity at the class certification stage to rebut the presumption through direct or indirect evidence showing that the alleged misrepresentations did not impact the stock price. In the more ... Keep Reading »
United States Supreme Court Class Action Articles
The latest class action developments and trends in the United States Supreme Court, including news, key cases, and strategies.
On April 7, 2014, the Supreme Court accepted certiorari review in Dart Cherokee Basin Operating Company LLC v. Owens, No. 13-719, to resolve a circuit split regarding whether the Class Action Fairness Act requires a removing defendant to submit evidence in support of removal at the time of the notice of removal or whether evidence can be submitted later in response to a motion to remand. The United States District Court for the District of Kansas remanded a putative ... Keep Reading »
On January 14, 2013, the United States Supreme Court decided Mississippi ex rel. Hood v. AU Optronics Corp., --- U.S. ---, No. 12-1036. The question presented in that case was whether a suit filed by a state as the sole plaintiff constituted a “mass action” under the Class Action Fairness Act of 2005 where it included a claim for restitution based on injuries suffered by the state’s citizens. Holding it did not, the Court determined that a “mass action” must involve ... Keep Reading »