The Third Circuit’s decision in In re Avandia Marketing, Sales Practices & Product Liability Litigation, No. 14-1948 (3d Cir. Oct. 26, 2015), accepts a path-breaking fraud-on-the-intermediary theory under the Racketeer Influenced and Corrupt Organizations Act of 1970 (RICO), which allows you to recover three times your actual damages plus reasonable attorneys’ fees. Expect more cases like this.
Continue Reading Rewards of RICO
Securities Class Actions Take Hit
Basic survives — barely
The Supreme Court held today that plaintiffs in securities fraud cases may continue to use a 26-year-old presumption that "the price of stock traded in an efficient market reflects all public, material information — including material misstatements." Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317, slip op. at
U.S. Supreme Court Upholds Amgen Class
The legal landscape for class actions has gotten harder for plaintiffs to cross in the last decade or so. Today it got no worse. And plaintiffs and their counsel rejoice at that.
In Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, No. 11-1085 (U.S. Feb. 27, 2013), the Court ruled 6-3 that a
Third Circuit Rejects Shores v. Sklar Securities Fraud Theory
Whether to treat a securities fraud case on a class basis often turns on whether the court may presume that class members relied on false statements or omissions by the defendants.
The most common form of presumption — the fraud on the market theory – won the Supreme Court's okay in Basic, Inc. v. Levinson, 485