Laborers District Council Construction Industry Pension Fund v. Omnicare

Issue: Whether claims under Securities Act § 11, 15 U.S.C. § 77k(a), for which proof of fraud or mistake is no element of prima facie liability, are subject to Federal Rule of Civil Procedure 9(b)’s heightened pleading requirement, requiring that a party alleging claims of fraud or mistake “state with particularity the circumstances constituting fraud or mistake”; (2) whether investors seeking relief under Securities Act § 11, for which neither negligence nor fraud is an element of liability, may be required to plead facts showing either fraud or negligence; and (3) whether the courts reverse the burden that Congress placed on certain defendants, of demonstrating due diligence as an affirmative defense, by requiring plaintiffs to plead facts rebutting it.

Briefs and Documents

Certiorari-stage documents

• Opinion below (6th Circuit)
• Petition for certiorari
• Brief in opposition
• Petitioner's reply