In re Petrobras Securities Litigation

Published on:
February 23, 2016

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

Court:

U.S. Court of Appeals

(Second Circuit)

(Rule 23(f) petition)

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

Audra J. Soloway

Other Amici:

None.

Details

Download

More Content

  • Amicus Briefs
    Oct 05, 2026

    In re The Boeing Company Securities Litigation

  • Letters
    Oct 05, 2026

    Reducing Duplicative Regulation and Expanding Exemptions for Commodity Pool Operators and Commodity Trading Advisors

    SIFMA AMG comments on CFTC proposals to reduce duplicative regulation for certain CPOs and CTAs and account for inflation.
  • Letters
    Sep 30, 2026

    Proposed Rule Change to Amend FINRA Rules 0150, 2165, 4512 and to Adopt FINRA Rule 2166

    SIFMA Comments to SEC in support of the proposed rule changes to improve the utilization of Rules 2165 and 4512, as well as the new Rule 2166 to allow for a temporary delay for suspected fraud.

Get the latest trends, stats, and research on financial markets and securities.