June 11, 2012
SCOTUS Cert Grant on Class Certification Standards for Securities Claims
Today the Supreme Court granted certiorari in Amgen Inc. v. Connecticut Retirement Plans & Trust Funds (No. 11-1085), a case about class certification standards for certain securities claims. Here are the questions presented:
1. Whether, in a misrepresentation case under SEC Rule 10b-5, the district court must require proof of materiality before certifying a plaintiff class based on the fraud-on-the-market theory.
2. Whether, in such a case, the district court must allow the defendant to present evidence rebutting the applicability of the fraud-on-the-market theory before certifying a plaintiff class based on that theory.
You can find links to the Ninth Circuit’s opinion below and the cert-stage briefing at SCOTUSblog’s casefile.