High Court Asked To Weigh In On Proper Way To Rebut Presumption Of Reliance

Mealey's (March 7, 2018, 5:29 PM EST) -- WASHINGTON, D.C. — The U.S. Supreme Court should review a Second Circuit U.S. Court of Appeals ruling in a securities class action lawsuit to resolve a split among the federal circuit courts as to the proper way to rebut the fraud-on-the-market presumption of reliance established in the high court’s Basic Inc. v. Levinson ruling and to resolve confusion among the lower courts as to Basic’s proper application, defendants argue in a Feb. 26 petition for writ of certiorari (Barclays PLC, et al. v. Joseph Waggoner, et al., no. 17-1209, U.S. Sup.)....