Securities
Dec. 20, 2013
Day of reckoning for securities class actions
After years of growing attacks, the efficient-market hypothesis, along with the fraud-on-the-market theory, is now on the chopping block. By Christina Lincoln
After serving as the "cornerstone for modern private securities litigation" for 25 years, the "most powerful engine of civil liability ever established in American law" is now under fire at the U.S. Supreme Court.
Known as the Basic presumption, the fraud-on-the-market theory allows plaintiff lawyers to certify a securities class action for fraudulent misrepresentations under Rule 23 of the Federal Rules ...
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