Oregon Adopts Fraud on the Market Presumption in State Securities Claims

Oregon has become one of the few (if not the only to date)states that have adopted the "fraud on the market" presumption of reliance under state securities law.  In Oregon v. Marsh & McLennan Companies, Inc. (Dec. 13, 2012), the Oregon Supreme Court held that the state's retirement plan that purchased defendant's shares in the open market could bring a state securities claim alleging materially misleading statements and establish reliance through the presumption.  ( Download Marsh&McLennan.121312)