Case Name: Amgen v. Conn. Ret. Plans and Trust Funds

Court: U.S. Supreme Court    Docket: 011-1085

Read Summary and AARP's Amicus Brief (PDF)

Case Result: In a securities fraud class action where plaintiffs plead materiality, they need not establish materiality of alleged misstatements to invoke the fraud-on-the-market theory in support of class certification.

Case Name: Erica P. John Fund, Inc. v. Halliburton Co.

Court: U.S. Supreme Court    Docket: 09-1403

Read Summary and AARP's Amicus Brief (PDF)

Case Result:  Securities fraud plaintiffs need not prove loss causation to obtain class certification.

Case Name: Janus Capital Group v. First Derivative Traders

Court: U.S. Supreme Court  Docket: 09-525

Read Summary and AARP's Amicus Brief (PDF)

Case Result:  Because mutual fund investment adviser did not make the false statements included in the mutual fund prospectuses of its clients, it cannot be held liable in a private action under SEC Rule 10B-5, which prohibits "making any untrue statement of fact" in connection with the purchase or sale of securities, for its role in preparing those prospectuses.

Case Name: Jones v. Harris Associates

Court: U.S. Supreme Court    Docket: 08-586

Read Summary and AARP's Amicus Brief (PDF)

Case Result:  Court adopts a totality of circumstances test (per Garteberg) to assess whether fees charged to retail mutual fund clients by investment advisors were reasonable.

Case Name: Matrixx Initiatives, Inc. v. Siracusano

Court: U.S. Supreme Court   Docket: 09-1156

Read Summary and AARP's Amicus Brief (PDF)

Case Result:  In order to plead sufficiently a securities fraud case involving issuer's omissions to disclose adverse consumer incidents involving the issuer's pharmaceutical product, the number of incidents needs not be statistically significant.

Case Name: Merck & Co. v. Reynolds

Court: U.S. Supreme Court   Docket: 08-905

Read Summary and AARP's Amicus Brief (PDF)

Case Result:  In civil actions for securities fraud, the statute of limitations begins to run once the plaintiff actually discovered or a reasonable diligent plaintiff would have discovered the facts constituting the violation, whichever comes first.

Case Name: People of the State of New York v. Greenberg

Court: N.Y. Ct. App.    Docket: 401720/05

Read Summary AARP's Amicus Brief (PDF)

Case Issue: Do states retain authority to police fraud in securities transactions or is the state's authority preempted by federal securities law?