SCOTUS Ruling in Amgen Case Allows Plaintiffs to Certify Securities Classes Without Proving Materiality

March 04, 2013

In Amgen Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085, 568 U.S. ___ (2013), decided on February 27, 2013, the Supreme Court of the United States affirmed the Ninth Circuit’s ruling that, in a case alleging violations of Section 10(b) of the Securities Exchange Act of 1934, (1) the plaintiff need not prove materiality in order to obtain class certification under a fraud-on-the-market theory, and (2) the defendant cannot avoid class certification by adducing evidence rebutting materiality.

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