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ERICA P. JOHN FUND, INC. v. HALLIBURTON CO.

No. 09-1403.

131 S.Ct. 2179 (2011)

563 U.S. 804

180 L.Ed.2d 24

ERICA P. JOHN FUND, INC., fka Archdiocese of Milwaukee Supporting Fund, Inc., Petitioner, v. HALLIBURTON CO. et al.

Supreme Court of United States.

Decided June 6, 2011.

Attorney(s) appearing for the Case

David Boies, Armonk, NY, for Petitioner.

Nicole A. Saharsky, for United States as amicus curiae, by special leave of the Court, supporting the Petitioner.

David Sterling, Houston, Texas, for Respondents.

Lewis Kahn, Neil Rothstein, Kahn Swick & Foti, LLC, Madisonville, LA, E. Lawrence Vincent, Plano, TX, David Boies, Boies, Schiller & Flexner, LLP, Armonk, NY, Carl E. Goldfarb, Justin D. Fitzdam, Boies, Schiller & Flexner LLP, Ft. Lauderdale, FL, for Petitioner.

Robb L. Voyles, Jessica B. Pulliam, Susan C. Kennedy, Baker Botts L.L.P., Dallas, Texas, David D. Sterling, Aaron M. Street, Benjamin A. Geslison, Baker Botts L.L.P., Houston, Texas, for Respondent Halliburton Co.

Donald E. Godwin, Godwin Ronquillo P.C., Dallas, Texas, R. Alan York, Godwin Ronquillo P.C., Houston, Texas, for Respondent David Lesar.

Evan A. Young, Baker Botts L.L.P., Austin, Texas, Jeffrey A. Lamken, Martin V. Totaro, Molo Lamken L.L.P., Washington, DC, for Respondents.

Chief Justice ROBERTS delivered the opinion of the Court.

To prevail on the merits in a private securities fraud action, investors must demonstrate that the defendant's deceptive conduct caused their claimed economic loss. This requirement is commonly referred to as "loss causation." The question presented in this case is whether securities fraud plaintiffs must also prove loss causation in order to obtain class certification. We hold that they need not.

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