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On 21 June 2021, in a narrow ruling, the Supreme Court held that courts may consider the generic nature of an alleged misrepresentation as evidence of a lack of price impact where defendants seek to rebut the presumption of reliance established under
Basic Inc. v. Levinson
1 at the class certification stage.
2 A court must consider this evidence even though it may also bear on the materiality of a statement, an issue which is reserved for the merits phase of the action.
The Supreme Court also clarified the burden that defendants must discharge in order to rebut the
Opinion: Clarence Thomas Is the new Chief Justice
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Supreme Court Strikes Down Federal Defense of Marriage Act - Wall Street Journal - William P J Lynch Jr com
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Herald & Review Almanac for July 20
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