The Court struck down a ruling by the U.S. Court of Appeals for the Fifth Circuit that said so-called “loss causation” had to be proven before investors can proceed as a class. The ruling in Erica P. John Fund Co. v. Halliburton, 09-1403, was unanimous, and came just six weeks after the case was argued.
It was a poignant personal win for the fund’s lawyer, David Boies of Boies, Schiller & Flexner, and not just because it was his first appearance at the Court since losing Bush v. Gore in 2000. The suit against Halliburton Co. had been handled since 2006 by Mr. Boies’ daughter Caryl, who died of lung cancer in December 2010, just days before the Court granted review of the case.
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