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ARTICLE · 28 FEBRUARY 2013

Supreme Court Decision Alert - February 27, 2013

Mayer Brown
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Today the Supreme Court issued the decision described below, which is of interest to the business community.

United StatesLitigation, Mediation & Arbitration
Richard Katskee
Richard Katskee
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Keywords: Securities Exchange Act, certification, class actions

Today (February 27, 2013) the Supreme Court issued the decision described below, which is of interest to the business community.

Securities Exchange Act—Certification of Class Actions

Amgen Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085 (previously described in the June 11, 2012, Docket Report)

A private securities-fraud action under Section 10(b) of the Securities Exchange Act, 15 U.S.C. § 78j(b), requires proof that the plaintiff relied on the alleged misrepresentation. In Basic Inc. v. Levinson, 485 U.S. 224 (1988), the Supreme Court held that a plaintiff may obtain a rebuttable presumption of reliance by invoking the fraud-on-the-market theory if four predicates are established: (1) the security traded in an efficient market, (2) the plaintiff's transaction postdated the misrepresentation and predated the revelation of the truth, (3) the misrepresentation was public,

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