Petroleo Brasileiro S.A. – Petrobras v. Universities Superannuation Scheme Limited

Pending petition
Docket No. Op. Below Argument Opinion Vote Author Term
17-664 2d Cir. TBD TBD TBD TBD TBD

Issues: (1) Whether the legal standard to invoke Basic Inc. v. Levinson's presumption of reliance at minimum requires empirical evidence that a security generally reacted in a directionally appropriate manner to new material information—that its price went up on good news and down on bad news—or, as the U.S. Court of Appeals for the 2nd Circuit ruled, whether the presumption can be based on other factors entirely unrelated to whether the alleged misstatement had price impact notwithstanding the Supreme Court's holding in Halliburton Co. v. Erica P. John Fund, Inc. (Halliburton II); and (2) whether, contrary to the U.S. Court of Appeals for the 2nd Circuit's ruling below, Federal Rule of Civil Procedure 23 and due process require that class membership be ascertainable through administratively feasible means.

SCOTUSblog Coverage

DateProceedings and Orders (key to color coding)
Nov 01 2017Petition for a writ of certiorari filed. (Response due December 4, 2017)
Nov 14 2017Brief of respondents Universities Superannuation Scheme Limited, et al. in opposition filed.
Nov 27 2017Reply of petitioners Petroleo Brasileiro S.A., et al. filed. (Distributed)
Nov 27 2017Brief amicus curiae of Financial Economists and Legal Scholars filed. (Distributed)
Nov 28 2017Brief amicus curiae of Europeanissuers aisbl filed. (Distributed)
Nov 28 2017Brief amicus curiae of The Securities Industry and Financial Markets Association filed. (Distributed)
Nov 28 2017Brief amicus curiae of Associacao Brasileira De Bancos Internacionais filed. (Distributed)
Nov 29 2017DISTRIBUTED for Conference of 1/5/2018.
Dec 04 2017Brief amici curiae of Law Professors filed. (Distributed)
Jan 03 2018Rescheduled.
Jan 03 2018Joint motion to defer consideration of the petition for writ of certiorari filed by petitioners Petroleo Brasileiro S.A., et al. and respondents Universities Superannuation Scheme Limited, et al.
Jan 08 2018DISTRIBUTED for Conference of 1/12/2018.
Jan 16 2018Joint motion to defer consideration of the petition for writ of certiorari GRANTED.
Jun 28 2018Letter of June 28, 2018, from counsel for petitioners submitted.
Aug 07 2018Letter of August 7, 2018, from counsel for petitioners submitted.
 
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