SIFMA submitted an Amicus “Friend of the Court” Brief.

Court:

U.S. Court of Appeals
(Second Circuit)

Amicus Brief Issue:

What types of disclosures would, as a matter of law, preclude plaintiff from pleading the “manipulative acts” element of a market manipulation claim?  Would allegations that the defendant firm manipulated ARS auctions preclude plaintiff from pleading market efficiency for purposes of establishing the “fraud on the market” presumption of reliance?  What types of disclosures would rebut the presumption of “fraud on the market” (based upon market efficiency)?  What types of disclosure would, as a matter of law, preclude plaintiff from pleading that he justifiably relied on an assumption of the ARS market’s integrity?

Counsel of Record:

Paul, Hastings, Janofsky & Walker LLP

William F. Sullivan
Howard Privette
Barry G. Sher
Stephen B. Kinnaird
D. Scott Carlton
Other Amici on SIFMA’s Brief: 

None