Supreme Court Grants BSF's Cert Petition in Securities Case
Firm Newsletter Spring 2011
In January of 2011 the U.S. Supreme Court granted BSF’s petition for a writ of certiorari in Erica P. John Fund, Inc., fka Archdiocese of Milwaukee Supporting Fund, Inc., Petitioner v. Halliburton Co., et al., a federal securities action. The issue before the Court is whether a securities class action plaintiff must demonstrate loss causation at the class certification stage in order to invoke the fraud-on-the-market presumption. The decision in the case will likely determine the requisite showing for certifying most federal securities actions. Oral argument is scheduled for April 25. BSF represents the Lead Plaintiff in the securities action against Halliburton.
On May 13, 2010, a BSF team headed by partners Caryl Boies and Carl Goldfarb, along with Firm Chairman David Boies and lead associate Justin Fitzdam, filed a petition for a writ of certiorari. In December, the Acting Solicitor General, after meeting with BSF and counsel for Halliburton, urged the Court to accept the case, stating that the Fifth Circuit decision was wrongly decided.
Although Caryl passed away just a few days before the Supreme Court agreed to take the case, her dedication and hard work were essential to BSF’s success in persuading the Supreme Court to hear the case.
Firm partners Sashi Bach Boruchow and Sigrid McCawley together with Caryl played key roles in the district court and court of appeals briefing; partner Stuart Singer has provided guidance throughout the appellate process, and more recently associates Adam Deckinger and Eli Glasser have joined the team.
Related Practice: Securities Litigation