US Supreme Court issues major securities class action ruling
The Supreme Court has held that plaintiffs in securities fraud cases do not have to establish materiality before a class can be certified based on the ‘fraud-on-the-market’ theory. Instead, in Amgen Inc v Connecticut Retirement Plans and Trust Funds, six justices agreed that materiality is a substantive element of plaintiffs’ fraud claim that can be postponed until summary judgment or trial because it can always be addressed with common proof.
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