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An influential federal appellate court is considering revisiting the securities class certification test, which plays a crucial role in US investor class actions. This potential reassessment comes as the court oversees a significant portion of these cases. Legal experts suggest that changes to the test could impact how shareholders band together to pursue fraud claims. Joseph Grundfest of Stanford Law has filed an amicus brief in an upcoming Supreme Court case, warning that letting a lower court's decision stand could lead to a new form of securities fraud pleading. Additionally, Skadden lawyers note that the validity of the rule could come before the Third, Fifth, and Eleventh Circuits, potentially leading to a Supreme Court review.
“The validity of the rule is likely to come before the Third, Fifth and Eleventh Circuits, and the possibility of circuit conflict also means that the issue could potentially receive Supreme Court review,” Skadden lawyers wrote. https://t.co/iogkSDdrTg
In a new @aggregatelaw Q&A, SLS's Joseph Grundfest explains why he filed an amicus brief in an upcoming SCOTUS securities case. Letting the lower court's decision stand would “open the floodgates to a new form of securities fraud pleading," Grundfest says. https://t.co/d3utuQUVux
Column: Influential appeals court signals interest in revisiting securities class certification test https://t.co/IphX56d4sq @AlisonFrankel https://t.co/1rdd9QrOk5
