Erica P. John Fund, Inc. v. Halliburton Co.
| Docket No. | Op. Below | Argument | Opinion | Vote | Author | Term |
|---|---|---|---|---|---|---|
| 09-1403 | 5th Cir. |
Apr 25, 2011 Tr.Aud. |
TBD | TBD | TBD | OT 2010 |
Issue: (1) Whether the Fifth Circuit correctly held that plaintiffs in securities fraud actions must not only satisfy the requirements to trigger a rebuttable presumption of fraud on the market, but must also establish loss causation at class certification by a preponderance of admissible evidence without merits discovery; (2) whether the Fifth Circuit improperly considered the merits of the underlying litigation when it held that a plaintiff must establish loss causation to invoke the fraud-on-the-market presumption.
Plain English Issue: In a securities action alleging that the defendants committed a fraud on the market (i.e., put out false information, or withheld significant information, from the trading public), must the plaintiffs prove that the alleged fraud caused a drop in stock prices in order to get class certification, or is that a question that should be left for trial?
SCOTUSblog Coverage
- Argument recap: “A crazy way to run a railroad?”
- Argument preview: Required showings for securities plaintiffs
- New invitation brief
CVSG Information
Invited: October 4, 2010
Filed: December 3, 2010 (Grant)
Briefs and Documents
Merits Briefs- Brief of Petitioner Erica P. John Fund, Inc.
- Brief for Respondent Halliburton Co. et al.
- Reply Brief for Petitioner Erica P. John Fund, Inc.
- Brief for the United States in Support of Petitioner
- Brief for Financial Economists in Support of Petitioner
- Brief for Law Professors Robert Bartlett, Barbara Black, Chris Brummer, William J. Carney, John C. Coffee, Jr., James D. Cox, Lawrence A. Cunningham, Jill E. Fisch, Merritt B. Fox, Erik F. Gerding, Thomas Lee Hazen, Joan Macleod Heminway, Donald C. Langevoort, Frank Partnoy, Margaret V. Sachs, Marc I. Steinberg, Randall S. Thomas, and Cynthia A. Williams in Support of Petitioner
- Brief for the National Association of Shareholder and Consumer Attorneys in Support of Petitioner
- Brief for Public Justice P.C., in Support of Petitioner
- Brief for 16 Public Pension Funds in Support of Petitioner
- Brief for AARP and the North American Securities Administrators Association in Support of Petitioner
- Brief for DRI-The Voice of the Defense Bar in Support of Respondent
- Brief for the Pharmaceutical Research and Manufactures of America in Support of Respondent
- Brief for the Securities Industry and Financial Markets Association in Support of Respondent
- Brief for the American Institute of Certified Public Accountants in Support of Respondent
- Brief of Law Professors in Support of Respondent
- Brief for The American Insurance Association, Axis Insurance Company, Continental Casualty Company, and HCC Global Financial Products Supporting Affirmance
- Brief for National Conference on Public Employment Retirement Systems (NCPERS) in Support of Petitioner
- Brief for the Chamber of Commerce in Support of Respondents