Wachtell Update on the Halliburton Fraud-on-the-Market Case

As we have described in our prior memos (here and here), in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317, the Supreme Court will decide whether or not to abandon the “fraud on the market” presumption of reliance that has facilitated class-action treatment of claims brought under Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b–5.  The case will be argued before the Court on March 5, and a decision will likely come by the end of June.  As our earlier memos explained, Halliburton is potentially the most important securities case … Read more

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