Docket No. | Op. Below | Argument | Opinion | Vote | Author | Term |
---|---|---|---|---|---|---|
13-317 | 5th Cir. | Mar 5, 2014 | 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.
NEW: The Supreme Court will review the legality of Biden's student-debt relief plan. The justices will hear oral argument in February. In the meantime, the plan remains blocked as a result of lower-court rulings.
Bribery or lobbying?
Percoco v. United States in a TikTok minute.
JUST IN: For the second time in the past week, SCOTUS denies an emergency request to block the execution of Kevin Johnson. The execution is scheduled for tonight in Missouri. Sonia Sotomayor and Ketanji Brown Jackson dissent from the brief order allowing the execution to proceed.
Cecilia (Cissy) Suyat Marshall, the widow of Thurgood Marshall, died this morning at 94. Here is the court's announcement.
Cecilia (Cissy) Suyat Marshall, the widow of Thurgood Marshall, died this morning at 94. Here is the court's announcement.
BREAKING: The Supreme Court REJECTS Trump's bid to prevent the House Ways & Means Committee from obtaining his tax returns. No noted dissents.
The brief order may end years of litigation over the committee's efforts to review the tax records of Trump and his businesses.