U.S. Court of Appeals for the Ninth Circuit

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Motion for reconsideration denied

November 22, 2017

Click here to view the order.

U.S. Chamber urges Ninth Circuit to overturn securities class action decision

January 12, 2017

The U.S. Chamber filed an amicus brief urging the Ninth Circuit to overturn a district court decision that flouts the “fraud-on-the-market” principles affirmed in Halliburton II and invites the filing of meritless and abusive securities class actions.

The brief in support of the petition for permission to appeal argues that the district court’s decision erroneously relieved plaintiffs of their burden of persuasion to show price impact, effectively making the fraud-on-the-market presumption irrebuttable. The brief also explains the compelling need for immediate review due to the threat of abuse and unfair settlement pressures that can be associated with securities fraud class actions.

Lewis J. Liman, Jared M. Gerber, and Mark E. McDonald of Cleary Gottlieb Steen & Hamilton LLP served as counsel for the U.S. Chamber of Commerce on behalf of the U.S. Chamber Litigation Center.

Case Documents