Case Updates
Motion for reconsideration denied
November 22, 2017
Click here to view the order.
U.S. Chamber urges Ninth Circuit to overturn securities class action decision
January 12, 2017
The U.S. Chamber filed an amicus brief urging the Ninth Circuit to overturn a district court decision that flouts the “fraud-on-the-market” principles affirmed in Halliburton II and invites the filing of meritless and abusive securities class actions.
The brief in support of the petition for permission to appeal argues that the district court’s decision erroneously relieved plaintiffs of their burden of persuasion to show price impact, effectively making the fraud-on-the-market presumption irrebuttable. The brief also explains the compelling need for immediate review due to the threat of abuse and unfair settlement pressures that can be associated with securities fraud class actions.
Lewis J. Liman, Jared M. Gerber, and Mark E. McDonald of Cleary Gottlieb Steen & Hamilton LLP served as counsel for the U.S. Chamber of Commerce on behalf of the U.S. Chamber Litigation Center.
Case Documents
- Motion for Class Certification -- In re Intuitive Surgical Securities Litigation (Ninth Circuit).pdf
- Opposition to Class Certification -- In re Intuitive Surgical Securities Litigation (Ninth Circuit).pdf
- Reply re Class Certification -- In re Intuitive Surgical Securities Litigation (Ninth Circuit).pdf
- Transcript of Proceedings -- In re Intuitive Surgical Securities Litigation (Ninth Circuit).pdf
- Order Granting Class Certification -- In re Intuitive Surgical Securities Litigation (Ninth Circuit).pdf
- U.S. Chamber Amicus Brief -- In re Intuitive Surgical Securities Litigation (Ninth Circuit).pdf
- Order Denying Motion for Reconsideration -- In re Intuitive Surgical Securities Litigation (Ninth Circuit).pdf