Forum
U.S. Supreme Court
Case Status
Decided
Docket Number
Term
2014 Term
Oral Argument Date
November 03, 2014
Lower Court Opinion
Questions Presented
Whether, for purposes of a claim under Section 11 of the Securities Act of 1933, 15 U.S.C. § 77k, a plaintiff may plead that a statement of opinion was “untrue” merely by alleging that the opinion itself was objectively wrong, as the Sixth Circuit has concluded, or must the plaintiff also allege that the statement was subjectively false – requiring allegations that the speaker’s actual opinion was different from the one expressed – as the Second, Third, and Ninth Circuits have held.
Case Updates
U.S. Supreme Court rules on “opinions” in important securities case
March 24, 2015
The U.S. Supreme Court vacated the decision of the Sixth Circuit and remanded the case. The Court held that a statement of opinion is not an untrue statement of fact simply because it ultimately proves incorrect.
U.S. Chamber files amicus brief
June 12, 2014
The Chamber and the Business Roundtable urged the Supreme Court to reverse the decision of the Sixth Circuit arguing that the Sixth Circuit’s decision cannot be squared with the Supreme Court’s Virginia Bankshares decision. The Chamber warned that affirming the Sixth Circuit’s decision would put securities issuers in grave peril of strict liability under Section 11 if their genuinely held opinions and beliefs turned out to be wrong.
The Chamber filed the brief jointly with the Business Roundtable.
George T. Conway III of Wachtell, Lipton, Rosen & Katz represented the U.S. Chamber as co-counsel to the National Chamber Litigation Center in this case.
Case Documents
- Cert. Petition -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf
- Brief in Opposition to cert. petition -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf
- Reply to Brief in Opposition -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf
- Merits Stage Brief for Petitioner -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf
- Chamber and Business Roundtable Amici Brief -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf
- US Amicus Brief -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf
- Washington Legal Foundation Amicus Brief -- Omnicare et al v. LDCCIPF (U.S. Supreme Court).pdf
- SIFMA Amicus Brief -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf
- Center for Audit Quality Amicus Brief -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf
- Brief of Respondents -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf
- Occupy the SEC Amicus Brief -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf
- AARP Amicus Brief -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf
- Common Law Scholars Amici Brief -- Omnicare et al v. LDCCIPF (U.S. Supreme Court).pdf
- Wyoming Retirement System Amici Brief -- Omnicare et al v. LDCCIPF (U.S. Supreme Court).pdf
- Public Citizen Amicus Brief -- Omnicare et al v. LDCCIPF (U.S. Supreme Court).pdf
- Professors at Law and Business Schools Amici Brief -- Omnicare et al v. LDCCIPF (U.S. Supreme Court).pdf
- Institutional Investors Amici Brief -- Omnicare et al v. LDCCIPF (U.S. Supreme Court).pdf
- Reply Brief -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf
- Argument Transcript -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf
- Opinion -- Omnicare et al v. LDCCIPF et al (U.S. Supreme Court).pdf