How will the 2017 arrival of Justice Neil Gorsuch influence the US Supreme Court’s securities-fraud jurisprudence?

My colleague Kristin Beneski and I discuss this question in a Washington Legal Foundation Working Paper titled “US Supreme Court Securities-Fraud Jurisprudence:  An Emerging New Direction?

In our Working Paper, we analyze whether Justice Gorsuch may urge the Court to chip away at the viability of securities class actions—such as by revisiting the Basic v. Levinson fraud-on-the-market presumption or narrowing the meaning of scienter—and whether he may push for a return to the days of caveat emptor and the puffery doctrine in evaluating the falsity and materiality of statements challenged as fraudulent.  We also question whether such possible jurisprudential shifts would be in the best interest of securities-fraud defendants.

I hope you’ll review our Working Paper (here).

 

 

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Photo of Douglas W. Greene Douglas W. Greene

Doug Greene is one of the United States’ most experienced and successful securities litigators. He has focused his practice exclusively on securities and corporate governance litigation since 1997 and is among a small group of practitioners nationwide who handle such matters full time. From his home base in Seattle, he defends clients around the country and the world.

Doug spent the first 20 years of his career at national law firms. In 2012, Doug moved his practice to Lane Powell to establish a securities litigation practice that combines national experience and regional economics. He is Chair of the Firm’s Securities Litigation Practice Group.

As a securities litigator, Doug defends public companies and their directors and officers in securities class actions, litigation concerning mergers and acquisitions, shareholder derivative actions, and U.S. Securities and Exchange Commission investigations and enforcement proceedings. He also conducts internal corporate investigations.

Doug has been recognized as a “Leading Lawyer” in securities litigation by Chambers USA: America’s Leading Lawyers for Business, whose sources praised his “incredible skills,” “strategy,” and “ability to articulate arguments in a succinct and passionate manner.” They also appreciated his “client focus” and “availability 24/7.”

Outside of handling client matters, Doug devotes a significant amount of time to developing and sharing his knowledge of securities and corporate governance litigation law and practice. He is a frequent public speaker and author, and is the founder of and principal contributor to Lane Powell’s blog D&O Discourse, the first and only blog devoted to providing opinion from a defense perspective on shareholder litigation matters.

Doug serves in leadership positions in several professional organizations:

  • Advisory Board Member, National Association of Corporate Directors, Northwest Chapter (2012-Present)
  • Board of Advisors, Securities Reform Act Litigation Reporter (2008-Present)
  • Member, Securities Committee, Washington State Bar Association (2003-Present)
  • Co-chair, D&O Liability Conference, American Conference Institute, New York (September 17-18, 2015)
  • Co-chair, D&O Liability Conference, American Conference Institute, New York (September 30 – October 1, 2014)
  • Co-chair, Cyber Security Event, National Association of Corporate Directors, Northwest Chapter (September 23, 2014)

Before joining Lane Powell in 2012, Doug was a Partner at Wilson Sonsini Goodrich & Rosati, K&L Gates and Perkins Coie.