In yesterday’s Supreme Court decision in Halliburton v. Erica P. John Fund, the Court unanimously agreed to narrow procedural relief for the corporate defendant, but declined 6-3 to revisit its 1988 mistake in creating from whole cloth the “fraud on the market” theory in Basic, Inc. v. Levinson. I have more at Cato at Liberty. Earlier on Halliburton v. Erica P. John Fund here. More: Kevin LaCroix, & welcome Stephen Bainbridge, SCOTUSBlog readers.

More: Alden Abbott and Thom Lambert at Truth on the Market; Bainbridge with roundup of commentary; Beck, Drug & Device Law, on implications for concept of reliance in that area.

Filed under: securities litigation, Supreme Court