SIFMA submitted an Amicus “Friend of the Court” Brief

Court:  

U.S. Supreme Court

Amicus Issues:  

(i) Whether the Court should overrule or substantially modify the holding of Basic Inc. v. Levinson, 485 U.S. 224 (1988), to the extent that it recognizes a presumption of class-wide reliance derived from the fraud-on-the market theory; and (ii) whether, in a case where the plaintiff invokes the presumption of reliance to seek class certification, the defendant may rebut the presumption and prevent class certification by introducing evidence that the alleged misrepresentations did not distort the market price of its stock.

Counsel of Record:   

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Charles E. Davidow
Alexandra M. Walsh
Jane B. O’Brien
Brad S. Karp
Daniel J. Kramer
Walter Rieman
Susanna M. Buergel  

Other Amici:   

None.