• Supreme Court Decides Materiality Need Not Be Demonstrated for Class Certification
  • March 8, 2013
  • Law Firm: Sutherland Asbill Brennan LLP - Washington Office
  • This morning the United States Supreme Court affirmed class certification in Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds, a securities fraud case. The question presented was whether plaintiffs seeking class certification under Fed. R. Civ. P. Rule 23(b)(3) of a claim for securities fraud and relying on a “fraud-on-the-market” presumption must prove the materiality of the alleged misstatements and omissions as a prerequisite to class certification. The Court held that materiality need not be proved at that stage.