The respondents’ brief has been filed in Dura Pharmaceuticals v. Broudo, the loss causation case currently before the U.S. Supreme Court. Amicus briefs in support of Broudo’s position have been filed by the National Association of Shareholder and Consumer Attorneys, the New Jersey Department of the Treasury and its Division of Investment, and the Regents of the University of California (links will be posted when available).
Oral argument is set for January 12, 2005. The question presented is: “Whether a securities fraud plaintiff invoking the fraud-on-the-market theory must demonstrate loss causation by pleading and proving a causal connection between the alleged fraud and the investment’s subsequent decline in price.”
The 10b-5 Daily 