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High Court To Decide Class-Action Question

Martinek Paul J. | January 30, 2007

The U.S. Supreme Court has agreed to hear a case later this spring that should clear up the confusion that has developed over what securities-fraud plaintiffs must show to satisfy the heightened pleading standard established by the Private Securities Litigation Reform Act of 1995.


Appellate courts around the country currently use at least four different approaches when it comes to analyzing whether class-action plaintiffs have sufficiently alleged that corporate defendants had the requisite scienter, or intent, to defraud. “The word ‘murky’ does not begin to describe the situation,” says William McGuinness, a litigation partner with the...

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