U.S. Supreme Court

Case Status


Docket Number


2015 Term


Questions Presented

1. Whether the Ninth Circuit decision conflicts with Fifth Third Bancorp v. Dudenhoeffer, 134 S. Ct. 2459 (2014), as four members of the court of appeals concluded in dissenting from the denial of rehearing en banc.

2. Whether the Ninth Circuit erred in extending (sua sponte, and without the benefit of briefing) the presumption of indirect class-wide reliance that this Court approved for securities claims in Basic Inc. v. Levinson, 485 U.S. 224 (1988), to respondents’ claims under ERISA.

Case Updates


January 25, 2016

The Supreme Court granted the petition, reversed the judgment of the Ninth Circuit, and remanded the case for further proceedings.

U.S. Chamber urges Supreme Court to reverse Ninth Circuit’s judgment in ERISA class action

November 13, 2015

The U.S. Chamber supported a petition for writ of certiorari pertaining to employee stock ownership plans. The brief argued that the Ninth Circuit failed to apply Fifth Third Bancorp v. Dudenhoeffer and urged the Supreme Court to summarily reverse the Ninth Circuit’s judgment or to grant certiorari to reject the Ninth Circuit’s importation of the “fraud-on-the-market” presumption of reliance from securities litigation into ERISA litigation.

The Pharmaceutical Research and Manufacturers of America filed this brief jointly with the Chamber.

George T. Conway III of Wachtell, Lipton, Rosen & Katz served as counsel for the amici.

Case Documents