Jonathan M. Plasse Discussed Supreme Court's Amgen Decision During PLI Webcast
March 22, 2013
The Practising Law Institute (PLI) hosted a one-hour webcast entitled "Supreme Court's Amgen Inc. v. Connecticut Retirement Plans & Trust Funds: Class Certification of Securities Fraud Actions" on Friday, March 22, 2013.
The Supreme Court handed down its decision in Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, No. 11-1085, on February 27, 2013, and held that plaintiffs asserting claims for violations of Section 10(b) of the Securities Exchange Act of 1934 need not, at the class certification stage of a proceeding, prove that alleged misrepresentations were material in order to avail themselves of the fraud on the market presumption in establishing predominance under Federal Rule of Civil Procedure 23(b)(3).
In this briefing, Labaton Sucharow Partner Jonathan M. Plasse, who represented the plaintiffs in Amgen, and Daniel H. R. Laguardia of Shearman & Sterling LLP, who frequently represents defendants in securities fraud class action litigation, discussed this important decision. Among other issues, the panelists discussed:
- Whether the decision significantly changes the landscape of the class certification inquiry, and if so, how
- Whether materiality is now off-limits in any such inquiry
- To what extent will the Amgen decision otherwise impact other aspects (i.e. motions to dismiss or for summary judgment) of class litigation?
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