Halliburton Co. v. Erica P. John Fund, Inc.

Halliburton Co. v. Erica P. John Fund, Inc.

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Docket No.	Op. Below	Argument	Opinion	Vote	Author	Term
13-317	5th Cir.	Mar 5, 2014 Tr.Aud.	Jun 23, 2014	9-0	Roberts	OT 2013

Disclosure: Goldstein & Russell, P.C., whose attorneys contribute to this blog in various capacities, is among the counsel on an amicus brief in support of the respondent in this case.

Holding: Investors can recover damages in a private securities fraud action only if they prove that they relied on the defendant's misrepresentation in deciding to buy or sell a company's stock. In Basic Inc. v. Levinson, the Supreme Court held that investors could satisfy this reliance requirement by invoking a presumption that the price of stock traded in an efficient market reflects all public, material information-including material misstatements. Halliburton has failed to provide the “special justification” necessary to overrule that presumption. However, even if plaintiffs do not need to directly prove that the misrepresentation affected the stock price to invoke the Basic presumption, defendants can defeat the presumption at the class certification stage through evidence that the misrepresentation did not in fact affect the stock price.

Judgment: Vacated and remanded, 9-0, in an opinion by Chief Justice Roberts on June 23, 2014.

Opinion analysis: Son of Halliburton (Richard Booth)
A “view” from the Court: Bar admissions, but no blockbusters (Mark Walsh)
Argument recap: Justices not quite ready to jettison landmark securities decision, seeking middle ground (Ronald Mann)
Academic highlight: Rethinking securities class actions (Amanda Frost)
Argument preview: Justices to reconsider landmark securities class-action decision (Ronald Mann)
Court grants two cases (UPDATED) (Lyle Denniston)
Petition of the day (Mary Pat Dwyer)

Date	Proceedings and Orders (key to color coding)
Sep 9 2013	Petition for a writ of certiorari filed. (Response due October 11, 2013)
Oct 11 2013	Brief of respondent Erica P. John Fund, Inc., fka Archdiocese of Milwaukee Supporting Fund, Inc. in opposition filed.
Oct 11 2013	Brief amici curiae of Chamber of Commerce of the United States of America, et al. filed.
Oct 11 2013	Brief amici curiae of Former SEC Commissioners and Officials, and Law Professors filed.
Oct 11 2013	Brief amicus curiae of DRI - The Voice of the Defense Bar filed.
Oct 29 2013	Reply of petitioners Halliburton Co., et al. filed.
Oct 30 2013	DISTRIBUTED for Conference of November 15, 2013.
Nov 15 2013	Petition GRANTED.
Nov 25 2013	SET FOR ARGUMENT ON Wednesday, March 5, 2014
Dec 19 2013	Record received from U.S.C.A. 5th Circuit. This record is electronic.
Dec 23 2013	The time to file the joint appendix is extended to and including January 13, 2014.
Dec 30 2013	Brief of petitioners Halliburton Co., et al. filed.
Dec 30 2013	Consent to the filing of amicus curiae briefs, In support of either party or of neither party, received from counsel for the respondent.
Dec 31 2013	Consent to the filing of amicus curiae briefs, In support of either party or of neither party, received from counsel for the petitioners.
Jan 6 2014	Brief amici curiae of Former Members of Congress, et al., in support of neither party filed.
Jan 6 2014	Brief amicus curiae of Vivendi, S.A. filed.
Jan 6 2014	Brief amicus curiae of Amgen Inc. filed.
Jan 6 2014	Brief of Washington Legal Foundation filed.
Jan 6 2014	Brief amici curiae of Law Professors filed.
Jan 6 2014	Brief amicus curiae of Committee on Capital Markets Regulation filed.
Jan 6 2014	Brief amicus curiae of Securities Industry and Financial Markets Association filed.
Jan 6 2014	Brief amicus curiae of American Institute of Certified Public Accountants filed.
Jan 6 2014	Brief amici curiae of Former SEC Commissioners and Officials, and Law Professors filed.
Jan 6 2014	Brief amicus curiae of DRI - The Voice of the Defense Bar filed.
Jan 6 2014	Brief amici curiae of Chamber of Commerce of the United States of America, et al. filed.
Jan 13 2014	Joint appendix filed. (2 Volumes) (Statement of costs filed)
Jan 13 2014	Supplemental Joint Appendix filed.
Jan 17 2014	CIRCULATED
Jan 27 2014	Record received from U.S.D.C. Northern District of Texas (1 Box).
Jan 29 2014	Brief of respondent Erica P. John Fund, Inc., fka Archdiocese of Milwaukee Supporting Fund, Inc. filed. (Distributed)
Feb 4 2014	Brief amici curiae of Council of Institutional Investors, et al. filed. (Distributed).
Feb 5 2014	Brief amicus curiae of the United States filed. (Distributed)
Feb 5 2014	Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed.
Feb 5 2014	Brief amici curiae of Legal Scholars filed. (Distributed)
Feb 5 2014	Brief amici curiae of Former SEC Chairmen William H. Donaldson and Arthur Levitt, Jr. filed. (Distributed)
Feb 5 2014	Brief amici curiae of Securities Law Scholars filed. (Distributed)
Feb 5 2014	Brief amici curiae of Testifying Economists filed. (Distributed)
Feb 5 2014	Brief amici curiae of Civil Procedure Scholars filed. (Distributed)
Feb 5 2014	Brief amici curiae of AARP, et al. filed. (Distributed)
Feb 5 2014	Brief amici curiae of Current and Former Members of Congress and Staff filed. (Distributed)
Feb 5 2014	Brief amici curiae of Financial Economists filed. (Distributed)
Feb 5 2014	Brief amici curiae of Institutional Investors filed. (Distributed)
Feb 5 2014	Brief amici curiae of States of Oregon, et al. filed. (Distributed)
Feb 21 2014	Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED.
Feb 21 2014	Reply of petitioners Halliburton Co., et al. filed. (Distributed)
Mar 5 2014	Argued. For petitioners: Aaron M. Streett, Houston, Tex. For respondent: David Boies, Armonk, N. Y.; and Malcolm L. Stewart, Deputy Solicitor General, Department of Justice, Washington, D. C. (for United States, as amicus curiae.)
Jun 23 2014	Judgment VACATED and case REMANDED. Roberts, C. J., delivered the opinion of the Court, in which Kennedy, Ginsburg, Breyer, Sotomayor, and Kagan, JJ., joined. Ginsburg, J., filed a concurring opinion, in which Breyer and Sotomayor, JJ., joined. Thomas, J., filed an opinion concurring in the judgment, in which Scalia and Alito, JJ., joined.
Jul 25 2014	JUDGMENT ISSUED.

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The Supreme Court released orders from the May 16 conference on Monday; the justices granted Ritzen Group Inc. v. Jackson Masonry, LLC.
On Monday, the justices released their opinions in Mission Product Holdings Inc. v. Tempnology, LLC, Herrera v. Wyoming and Merck Sharp & Dohme Corp. v. Albrecht.
On Thursday, the justices met for their May 23 conference; John Elwood's Relist Watch compiles the petitions that were relisted for this conference.
Major Cases
- Department of Commerce v. New York
  (1) Whether the district court erred in enjoining the secretary of the Department of Commerce from reinstating a question about citizenship to the 2020 decennial census on the ground that the secretary’s decision violated the Administrative Procedure Act, 5 U.S.C. 701 et seq; (2) whether, in an action seeking to set aside agency action under the APA, a district court may order discovery outside the administrative record to probe the mental processes of the agency decisionmaker -- including by compelling the testimony of high-ranking executive branch officials -- without a strong showing that the decisionmaker disbelieved the objective reasons in the administrative record, irreversibly prejudged the issue, or acted on a legally forbidden basis; and (3) whether the secretary’s decision to add a citizenship question to the decennial census violated the enumeration clause of the U.S. Constitution.
- Lamone v. Benisek
  In case in which the plaintiffs allege that a Maryland congressional district was gerrymandered to retaliate against them for their political views: (1) whether the various legal claims articulated by the three-judge district court are unmanageable; (2) whether the three-judge district court erred when, in granting plaintiffs’ motion for summary judgment, it resolved disputes of material fact as to multiple elements of plaintiffs’ claims, failed to view the evidence in the light most favorable to the non-moving party, and treated as “undisputed” evidence that is the subject of still-unresolved hearsay and other evidentiary objections; and (3) whether the three-judge district court abused its discretion in entering an injunction despite the plaintiffs’ years-long delay in seeking injunctive relief, rendering the remedy applicable to at most one election before the next decennial census necessitates another redistricting.
- Kisor v. Wilkie
  Whether the Supreme Court should overrule Auer v. Robbins and Bowles v. Seminole Rock & Sand Co., which direct courts to defer to an agency’s reasonable interpretation of its own ambiguous regulation.
- Rucho v. Common Cause
  (1) Whether plaintiffs have standing to press their partisan gerrymandering claims; (2) whether plaintiffs’ partisan gerrymandering claims are justiciable; and (3) whether North Carolina’s 2016 congressional map is, in fact, an unconstitutional partisan gerrymander.
- The American Legion v. American Humanist Association
  (1) Whether a 93-year-old memorial to the fallen of World War I is unconstitutional merely because it is shaped like a cross; (2) whether the constitutionality of a passive display incorporating religious symbolism should be assessed under the tests articulated in Lemon v. Kurtzman, Van Orden v. Perry, Town of Greece v. Galloway or some other test; and (3) whether, if the test from Lemon v. Kurtzman applies, the expenditure of funds for the routine upkeep and maintenance of a cross-shaped war memorial, without more, amounts to an excessive entanglement with religion in violation of the First Amendment.
- Gamble v. United States
  Whether the Supreme Court should overrule the “separate sovereigns” exception to the double jeopardy clause.
see all this term’s cases »
Recent Decisions
- Herrera v. Wyoming Wyoming’s statehood did not abrogate the Crow Tribe’s 1868 federal treaty right to hunt on the “unoccupied lands of the United States”; the lands of the Bighorn National Forest did not become categorically “occupied” when the forest was created.
- Merck Sharp & Dohme Corp. v. Albrecht “Clear evidence” that the Food and Drug Administration would not have approved a change to a drug’s label – thus pre-empting a state-law failure-to-warn claim – is evidence showing that the drug manufacturer fully informed the FDA of the justifications for the warning required by state law and that the FDA, in turn, informed the drug manufacturer that the FDA would not approve a change to the drug’s label to include that warning; the question of agency disapproval is primarily one of law for a judge to decide.
- Mission Product Holdings Inc. v. Tempnology, LLC A bankruptcy debtor’s rejection of an executory contract under 11 U.S.C. §365 has the same effect as a breach of that contract outside bankruptcy; such an act thus cannot rescind rights that the contract previously granted.
see all this term’s cases »
Current Relists
- al-Alwi v. Trump (1) Whether the government’s statutory authority to detain Moath Hamza Ahmed al-Alwi has unraveled; (2) whether, alternatively, the government’s statutory authority to detain al-Alwi has expired because the conflict in which he was captured has ended; and (3) whether the Authorization for Use of Military Force authorizes, and the Constitution permits, detention of an individual who was not “engaged in an armed conflict against the United States” in Afghanistan prior to his capture.
- Box v. Planned Parenthood of Indiana and Kentucky Inc. (1) Whether a state may require health-care facilities to dispose of fetal remains in the same manner as other human remains, i.e., by burial or cremation; and (2) whether a state may prohibit abortions motivated solely by the race, sex or disability of the fetus and require abortion doctors to inform patients of the prohibition.
- Box v. Planned Parenthood of Indiana and Kentucky Inc. Whether a state, consistent with the 14th Amendment, may require an ultrasound as part of informed consent at least 18 hours before an abortion.
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Cases argued 70

Cases decided 32

Summary reversals 4

Merits cases granted to date 73

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Cases argued	70
Cases decided	32
Summary reversals	4
Merits cases granted to date	73

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13
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16
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