WASHINGTON — Removing a significant hurdle for plaintiffs in securities class actions, the U.S. Supreme Court ruled today that investors need not prove at the class certification stage that a company’s deceptive conduct caused their economic losses.
The court struck down a ruling by the Fifth Circuit U.S. Court of Appeals that said so-called “loss causation” had to be proven before investors can proceed as a class. The ruling in Erica P. John Fund v. Halliburton was unanimous, and came just six weeks after the case was argued.
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