Wednesday, June 25, 2014

Supreme Court limits shareholder class action suits

[JURIST] The US Supreme Court [official website] on Monday limited [opinion, PDF] shareholders' class action suits for securities fraud. In Halliburton Co. v. Erica P. John Fund, Inc. [SCOTUSblog backgrounder], the court declined to overturn its 1988 decision in Basic Inc. v. Levinson [text]. Halliburton Co. [corporate website] has faced numerous lawsuits concerning allegations the company put out seriously misleading information in order to manipulate its stock prices. In Basic, Inc. the court adopted the fraud-on-the-market [17 CFR 240.10b-5] presumption,...


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