• Supreme Court Holds That, at Class Certification Stage, Proof of Loss Causation Not Required to Establish “Fraud on the Market” Reliance
  • June 20, 2011 | Authors: Arthur H. Aufses; Adam C. Ford; Alan R. Friedman; Stephen M. Sinaiko
  • Law Firm: Kramer Levin Naftalis & Frankel LLP - New York Office
  • On June 6, 2011, the Supreme Court issued its decision in Erica P. John Fund, Inc. v. Halliburton Co., No. 09-1403, resolving a circuit split and unanimously holding that in proposed class actions under Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5, proof of loss causation is not a prerequisite to class certification.