SIFMA has submitted an Amicus “Friend of the Court” Brief.

Court:

U.S. Court of Appeals
(Second Circuit)

Amicus Issue:

Whether, consistent with Morrison v. Nat’l Australia Bank, a class can be certified of persons who purchased “in domestic transactions” of a security that is offered and traded worldwide and that is not traded on any US domestic exchange, notwithstanding the Rule 23 requirements of ascertainability, predominance, manageability and superiority.

Whether a finding of market efficiency can be made, sufficient to satisfy the fraud-on-the-market theory, in the absence of objective empirical evidence of a cause and effect relationship between events and the price of securities based on a test for determining market efficiency that has never been accepted by any peer-reviewed literature and that does not measure directionality.

Counsel of Record:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Richard A. Rosen
Walter Rieman

Other Amici:

None.