But by granting review in Halliburton v. Erica John Fund, the court did not necessarily set securities class actions on the path to extinction, says Stanford Law School professor Joseph Grundfest, a leading scholar and chronicler of this category of litigation.
In an interview Sunday, Grundfest said that even if the Halliburton case results in restrictions on litigation under Section 10(b) of the Securities Act, class actions could proceed under different sections of the law, and a “scrum of individual actions” under 10(b) could be brought by large investors. He also said the high court might leave it to Congress to fix perceived problems with securities class actions.
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