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In Erica P. John Fund Inc. v. Halliburton Co.,1 the U.S. Supreme Court reversed a decision by the U.S. Court of Appeals for the Fifth Circuit that held that a plaintiff must prove loss causation as part of the necessary predicate to be entitled to invoke the fraud-on-the-market presumption of reliance. Establishing reliance is a prerequisite to obtaining class certification in securities fraud actions and the fraud-on-the-market presumption is generally the only way to establish class-wide reliance. In its decision, the Supreme Court held that loss causation has nothing to do with whether an investor can establish the fraud-on-the-market-theory”2 articulated in Basic Inc. v. Levinson.3 The Halliburton decision narrowly focused on whether establishing loss causation as defined in Dura Pharmaceuticals Inc. v. Broudo,4 was a prerequisite to the fraud-on-the-market presumption of reliance.

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