Companies Mentioned

Salomon Smith Barney, Inc.

Category
Title
Summary
Date
Commentaries
Securities Law

In re Salomon Analyst Metromedia Litig.: Rebuttable Presumption of Fraud-on-the-Market Extended to Analysts
In Douglas Millowitz v. Citigroup Global Markets et al (“In Re Salomon Analyst Metromedia Litigation”), 544 F.3d 474 (2nd Cir. 2008), the Second Circuit extended the fraud-on-the-market presumption of reliance, first set forth in Basic v. Levinson, 485 U.S. 224 (1988), to analyst reports. The Court also stated that defendants…
Posted:
12/12/2008
Summaries
Securities Law >
New Judicial Opinions

Second Circuit Remands Metromedia Case, Rules that Liability Presumption Now Applies to Stock Analysts as Well
In this appeal, the Second Circuit addressed the issue whether plaintiffs alleging securities fraud against research analysts must make a heightened evidentiary showing in order to benefit from the fraud-on-the market presumption of Basic Inc. v. Levinson, 485 U.S. 224 (1988). The Second Circuit was supposed to have resolved this…
Date of ruling:
09/30/2008