Court:
U.S. Court of Appeals
(Second Circuit)

(Rule 23(f) petition)

Amicus Issue:
Whether the court erroneously certified an investor class based solely on the type of general, aspirational statements about a financial services firm’s business principles and internal controls that the Second Circuit has repeatedly held are not actionable, because no reasonable investor would rely on such statements.

Whether the court erroneously ruled that to rebut the fraud-on-the-market presumption of class-wide reliance by showing that the challenged statements did not impact the issuer’s stock price, as authorized by Halliburton II, Defendants must “demonstrate a complete absence of price impact” with “conclusive evidence.”

Counsel of Record:
Simpson Thacher & Bartlett LLP

Jonathan K. Youngwood
Craig S. Waldman

Other Amici:
U.S. Chamber of Commerce
American Bankers Assoc.
Bank Policy Institute
American Property Casualty Insurance Assoc.