Omnicare: The other securities case directors and officers should be worried about

If the Supreme Court upholds the 6th Circuit’s reasoning in Omnicare, there will be significant implications for financial markets

In the securities law arena, the focus over the last several months has been on the U.S. Supreme Court’s highly anticipated decision in the Halliburton case, which was issued last month. However, in March 2014, the high court also recently agreed to hear a case involving an important issue for Section 11 claims brought under the Securities Act of 1933. Specifically, the Supreme Court granted certiorari in Omnicare, Inc. v. Laborers District Council. At issue in Omnicare is whether a plaintiff can adequately plead a claim under Section 11 for a misleading or false opinion in a registration statement simply by alleging that the opinion was false.

Background

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Eric C. Scheiner

Eric C. Scheiner (Eric.Scheiner@sedgwicklaw.com) is a partner in the Chicago office of Sedgwick LLP where he represents insurers and reinsurers in investigating and litigating...

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Jennifer Quinn Broda

Jennifer Quinn Broda (Jennifer.Broda@sedgwicklaw.com) is a partner in the Chicago office of Sedgwick LLP where she represents insurers and reinsurers in investigating and litigating...

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David Grycz

David Grycz is Assistant Claim Counsel for RLI Insurance Company.

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