Edward Labaton Participates in a Law Seminars International TeleBriefing Regarding Supreme Court Ruling in Amgen
March 19, 2013
On February 27, 2013, the Supreme Court issued its opinion in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds ("Amgen"). Amgen provided the Court with the opportunity to consider whether plaintiffs invoking the "fraud-on-the-market" presumption of reliance must establish the element of materiality before obtaining class certification in federal securities class actions. A divided Court (6-3) held that the issue of materiality is a question common to the entire class, and therefore materiality does not need to be proved at the class certification stage.
Labaton Sucharow Partner Edward Labaton participated as a panelist in this one-hour TeleBriefing which discussed the Court's opinion and assessed the practical implications of the decision from the perspective of securities plaintiffs' and defense counsel. The panel also discussed the broader ramifications of the Amgen decision, including the future of the fraud-on-the-market presumption of reliance and the Court's signal that it may revisit Basic.