BDO USA, LLP v. New Eng. Carpenters Guar. Annu. Funds

On October 6, 2025, the Supreme Court declined to review a Second Circuit decision that gutted the critical pleading requirements of the Private Securities Litigation Reform Act (PSLRA). The decision was a setback for WLF, which filed an amicus brief urging review. WLF explained that the Second Circuit’s per se rule substantially dilutes the heightened pleading standard Congress enacted in the PSLRA to stem the tide of baseless securities litigation. Also, by creating uncertainty about the standard for materiality, the decision below incentivizes overly exhaustive disclosures that will not serve American businesses or the public. WLF’s amicus brief was drafted with pro bono assistance from Robert Loeb, Edward Williams, and Gavin B. McGimpsey of Orrick Herrington & Sutcliffe LLP.