IN RE VOLKSWAGEN "CLEAN DIESEL" MARKETING

No. 20-15564.

2 F.4th 1199 (2021)

IN RE VOLKSWAGEN "CLEAN DIESEL" MARKETING, SALES PRACTICES, AND PRODUCTS LIABILITY LITIGATION, Puerto Rico Government Employees and Judiciary Retirement Systems Administration, Plaintiff-Appellee, v. Volkswagen AG; Volkswagen Group of America, Inc.; Volkswagen Group of America Finance LLC; Michael Horn; Martin Winterkorn, Defendants-Appellants.

United States Court of Appeals, Ninth Circuit.

Filed June 25, 2021.


Attorney(s) appearing for the Case

Robert J. Giuffra Jr. (argued), Sharon L. Nelles , Suhana S. Han , William H. Wagener , and Elizabeth N. Olsen , Sullivan & Cromwell LLP, New York, New York, for Defendants-Appellants.

Ian D. Berg (argued) and Takeo A. Kellar , Abraham Fruchter & Twersky LLP, San Diego, California; Mitchell M.Z. Twersky , Abraham Fruchter & Twersky LLP, New York, New York; for Plaintiff-Appellee.

Douglas Wilens , Robbins Geller Rudman & Dowd LLP, Boca Raton, Florida; Thomas C. Michaud , Vanoverbeke Michaud & Timmony P.C., Detroit, Michigan; for Amicus Curiae Michigan Association of Public Employees Retirement Systems.

Gideon A. Schor , Wilson Sonsini Goodrich & Rosati PC, New York, New York; Joseph A. Grundfest , The William A. Franke Professor of Law and Business, Stanford Law School, Stanford, California; for Amici Curiae Law Professors and Former SEC Officials.

Deanne E. Maynard and Adam L. Sorensen , Morrison & Foerster LLP, Washington, D.C.; Jordan Eth , Mark R. S. Foster , and James R. Sigel , Morrison & Foerster LLP, San Francisco, California; Daryl Joseffer and Janet Galeria , U.S. Chamber Litigation Center, Washington, D.C.; for Amici Curiae Chamber of Commerce of the United States of America, Securities Industry and Financial Markets Association, and Alliance for Automotive Innovation.

Dissent by Judge J. Clifford Wallace


OPINION

This case arises on interlocutory appeal to address the scope of the Affiliated Ute presumption of reliance in "mixed" securities-fraud cases that allege both omissions and affirmative misrepresentations. Because we conclude the allegations in this case...

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