July 18, 2012 Articles

How Wal-Mart v. Dukes Affects Securities-Fraud Class Actions

The Dukes decision adds more fuel to the circuit split over whether materiality must be proven as part of the fraud-on-the-market presumption for class certification.

By Robert H. Bell and Thomas G. Haskins Jr.

District courts and circuit courts continue to grapple with the full import of the U.S. Supreme Court’s landmark decision on class certification in Wal-Mart Stores, Inc. v. Dukes. The way that the courts have applied the Dukes decision in class-certification decisions in securities-fraud class actions has general applicability to other types of class actions.

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