The Council of Institutional Investors (CII) says a case pending before the U.S. Supreme Court could make it harder for investors to pursue securities fraud class action lawsuits. The group has filed an amicus curiae brief [PDF] in connection with Halliburton Co. v. Erica P. John Fund Inc., asking the court to uphold the “fraud on the market” presumption.
The rule holds that an efficient market reflects all publicly available information about a company, thus a buyer of a company’s shares may be presumed to have relied on that information when purchasing the security.
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