Firm Memoranda

Amgen Inc. v. Connecticut Retirement Plans and Trust Funds: Proof of Materiality Is Not Required For Class Certification in a Fraud-on-the-Market Action

Date: 03/01/13

In a 6-to-3 decision resolving a circuit split between the First, Second and Fifth Circuits and the Third, Seventh and Ninth Circuits, the Supreme Court held in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds that proof of materiality is not a prerequisite to class certification in a securities fraud action under §10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and SEC Rule 10b-5 (“Rule 10b-5”).

Proof of Materiality is Not Required for Class Certification in a Fraud-on-the-Market Action.pdf (pdf | 115.45 KB )