Keywords: Amgen v. Conn. Retirement Plans, securities, Supreme Court
Today, in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085, the Supreme Court held that proof of materiality is not a prerequisite for class certification in a securities fraud class action under Section 10(b), even though materiality is a predicate of the fraud-on-the-market presumption of reliance. The opinion for the majority of the Court was authored by Justice Ginsburg. Justices Scalia, Thomas, and Kennedy dissented. Justice Alito wrote a concurring opinion indicating that, in an appropriate case, he (like the three dissenting justices) would be open to reconsidering the fraud-on-the-market presumption. For more, see our report on the decision. (See also our report and article on the argument.)
Originally published February 27, 2013
Edited by
Archis A. Parasharami 
and
Kevin S. Ranlett
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