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Halliburton Co. v. Erica P. John Fund, Inc.
''Halliburton Co. v. Erica P. John Fund, Inc.'' is a Supreme Court Case regarding class action certification for a securities fraud action. Under the fraud-on-the-market theory, the Court had to inquire as to if markets are economically efficient. It presumed they are.
== Background ==
Halliburton CEO Dick Cheney arranged a merger with competitor Dresser Industries, which had been directed for decades by Prescott Bush.〔http://www.bloomberg.com/bw/stories/2004-10-03/dresser-the-halliburton-cast-off-that-could〕 Halliburton publicly promoted the merger as a "win-win", and plaintiffs, including the Archbishop of Milwaukee, bought equity in Halliburton off the stock market.
In his first argument before the Court since ''Bush v. Gore'', David Boies represented plaintiffs. Ruling for plaintiffs the Supreme Court vacated and remanded. Finding the fraud on the market presumption only addresses members’ common reliance, the Court held that plaintiffs did not need to prove loss causation when seeking class certification.〔(Erica P. John Fund, Inc. v. Halliburton Co., 131 S. Ct. 2179, 563 U.S., 180 L. Ed. 2d 24 (2011).(Halliburton I) )〕
On remand Halliburton argued that because its falsehoods had no effect on its stock price plaintiffs could not have commonly relied on the falsehoods. The district court found that argument could only be made latter during trial, granted class certification, and the Fifth Circuit affirmed.〔718 F.3d 423 (2013)〕 Halliburton petitioned the Supreme Court for another writ of certiorari, this time arguing that the fraud on the market precedent should be overruled, and the petition was granted.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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