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Supreme Court Hears Challenge to Fraud-on-the-Market Presumption in Securities Fraud Litigation
Editor's Note: Although a shareholder cause of action for fraud on the market is a civil claim, it is one that often follows criminal claims brought against a corporation and/or its officers or employees. Therefore, the outcome in the U.S. Supreme Court case, Halliburton v. Erica P. John Fund, discussed herein, should be of interest to attorneys concentrating their practices in the field of business crimes.
When the U.S. Supreme Court 25 years ago decided Basic, Inc. v. Levinson, 485 U.S. 224 (1988), it adopted a legal theory that commentators would describe as revolutionizing securities law in the United States. By accepting the “fraud-on-the-market” theory, the Basic Court made it much easier for plaintiffs to get their cases certified as class actions, increasing the potential exposure of corporations and their officers and directors.
Last month, the Court heard argument in a case that seeks to overthrow Basic's revolutionary regime. The Court last year agreed to hear the appeal of the corporate defendants in Halliburton v. Erica P. John Fund; they directly put to the Court the question of whether Basic and the fraud-on-the-market theory it adopted should be overruled.
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