Home Menu ↓
Clicking on our sponsor links helps insure continued free access to this website.
Please support our efforts by visiting our sponsors:

 

Erica P. John Fund, Inc. v. Halliburton Co.

Docket No.: 09-1403
Certiorari Granted: 01/07/11
Argued: April 25, 2011
Decided: 06/06/11

Topics:

ยง10(b) of the Securities Exchange Act of 1934, Civil Procedure

PartyNames: Erica P. John Fund, Inc., fka Archdiocese of Milwaukee Supporting Fund, Inc. v. Halliburton Co., et al.
Petitioner: Erica P. John Fund, Inc., fka Archdiocese of Milwaukee Supporting Fund, Inc.
Respondent: Halliburton Co., et al.

Court Below: United States Court of Appeals for the Fifth Circuit
Citation: 597 F.3d 330
Supreme Court Docket

Erica P. John Fund, Inc., fka Archdiocese of Milwaukee Supporting Fund, Inc.
v.
Halliburton Co., et al.
Question Presented:

1. Whether the Fifth Circuit correctly held, in direct conflict with the Second Circuit and district courts in seven other circuits and in conflict with the principles of Basic v. Levinson, 485 U.S. 224 (1988), that plaintiffs in securities fraud actions must satisfy not only the requirements set forth in Basic to trigger a rebuttable presumption of fraud on the market, but must also establish loss causation at class certification by a preponderance of admissible evidence without merits discovery. 2. Whether the Fifth Circuit improperly considered the merits of the underlying litigation, in violation of both Eisen v. Carlisle & Jacquelin, 417 U.S. 156 (1974), and Federal Rule of Civil Procedure 23, when it held that a plaintiff must establish loss causation to invoke the fraud-on-the-market presumption even though reliance and loss causation are separate and distinct elements of security fraud actions and even though proof of loss causation is common to all class members.

Question:

In a securities fraud action, must plaintiffs prove that the alleged fraud caused a drop in stock prices in order to get class certification?

Erica P. John Fund, Inc. v. Halliburton Co.
ORAL ARGUMENT

04/25/11

Listen to Oral Argument in Erica P. John Fund, Inc. v. Halliburton Co.
Holding: vacated and remanded
Decision: Decision: 9 votes for Erica P. John Fund, 0 vote(s) against
Vote: 9-0

Erica P. John Fund, Inc. v. Halliburton Co.
Case Documents

1Erica P. John Fund, Inc. v. Halliburton Co. Oral Argument Audio
2Erica P. John Fund, Inc. v. Halliburton Co. Oral Argument Audio
3Erica P. John Fund, Inc. v. Halliburton Co. Oral Argument Transcript (HTML)
4Opinion in Erica P. John Fund, Inc. v. Halliburton Co.
5Opinion in Erica P. John Fund, Inc. v. Halliburton Co.
6Erica P. John Fund, Inc. v. Halliburton Co. Oral Argument Transcript (HTML)
Additional documents for this case are pending review.