The intellectual jousting match between Grundfest and Pritchard is no longer just academic. Any day now, in the case Halliburton Co v. Erica P. John Fund, the Supreme Court will decide the future of securities fraud class actions, litigation that has generated more than $80 billion in settlements and untold billions more in legal fees. Grundfest and Pritchard filed competing friend-of-the court briefs, both supporting Halliburton but advocating different rationales for curtailing shareholder cases.
The court may, of course, decide to make no change, but if the justices do rein in securities fraud litigation, it’s widely expected that they will lean on arguments advanced by Pritchard or Grundfest. But which one?
‘Enforcement 40’ for 2020
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