Barclays asks SCOTUS to clarify post-Halliburton rules for securities class actions [Reuters]
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Source: Reuters
Barclays asks SCOTUS to clarify post-Halliburton rules for securities class actions | Reuters 7 Min Read (Reuters) - It’s been nearly four years (!) since the U.S. Supreme Court issued its decision in Halliburton v. Erica P. John Fund (134 S.Ct. 2398), reconfirming that shareholders in securities fraud class actions are entitled to rely on the presumption that the market responds to material misrepresentations by large, widely-traded companies. Halliburton was a big disappointment for class action opponents who had hoped the Supreme Court would do away with its longstanding fraud-on-the-market precedent. But the decision did provide a bit of solace for defendants, holding that they have a right to rebut the presumption that the market reacted to corporate executives’ supposedly misleading statements. The Supreme Court didn’t spell out the mechanics of rebutting the presumption of market reliance in the 2014 Halliburton decision, leaving that to the lower courts to figure out. They’ve
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