On June 23, 2021, the Second Circuit declined to hear an important securities case. Despite Supreme Court precedent holding that defendants have a right to rebut the Basic presumption of reliance at the class-certification stage, the District Court made rebutting the presumption futile.  As WLF’s brief showed, under the District Court’s order plaintiffs’ attorneys can plead creatively to avoid showing reliance at the class-certification stage. The Second Circuit’s decision to not hear the case will increase pressure on companies to settle meritless claims.


WLF amicus brief