In this program, BakerHostetler partners Deborah Renner and Marc Powers, along with associate Jessie Gabriel, discuss the Supreme Court’s June 23, 2014 Halliburton decision, which changes the class action landscape for securities class actions. While upholding its longstanding decision in Basic v. Levinson that allows plaintiffs in securities class actions to get a presumption of class-wide reliance through the fraud-on-the-market theory, the Supreme Court in Halliburton makes clear that class action defendants can rebut the Basic presumption at class certification. Learn about the history of the Basic presumption, and the Halliburton holding and its likely ramifications in this concise, one-hour program.
I. Identify the importance of the Basic decision in class certification
II. Summarize the fraud on the market presumption of reliance and its history in the Supreme Court
III. Understand the Halliburton decision and its impact on the future of securities class actions
Having practiced in securities regulation, litigation, and enforcement for more than 30 years, Marc Powers has developed a deep understanding of the legal, business and regulatory environments surrounding his clients. He is regularly engaged in high profile matters including complex securities litigation and arbitration, with his practice expanding to cover bankruptcy litigations as well. His combination of experience and knowledge has provided Marc with the well-earned confidence to aggressively, yet deliberately, act on behalf of his diverse client base. In the hedge fund industry, Marc possesses the flexibility to address each client concern and circumstance individually, providing proactive support throughout all aspects of fund operation, from inception to regulatory compliance to unavoidable litigations.
Marc has led the national Securities Litigation and Regulatory Enforcement practice team since 2004 and leads the national Hedge Fund Industry group. He is regularly invited to speak at premier conferences for the securities industry and appears regularly in the media commenting on the SEC, insider trading cases, and the JOBS Act.
Deborah Renner focuses her practice on complex commercial litigation, including the defense of consumer fraud, data breach, ERISA, and securities class actions. Deborah has successfully defended numerous companies in nationwide, multidistrict and state class actions. She has defeated class certification in courts around the country and has won the dismissal of class claims at the outset of numerous actions. Deborah frequently advises companies on class action defense and regulatory inquiries. Among her areas of knowledge and experience, Deborah is certified in information privacy.
Jessie Gabriel is a sharp and experienced litigator in the fields of securities litigation and class actions. She also counsels high-tech and energy companies faced with unfair competition and securities claims. Jessie takes a holistic approach to her practice by providing her clients with top-notch litigation skills, and by working closely with her colleagues in BakerHostetler’s Securities, Corporate Governance, and Data Privacy groups to help anticipate and prevent issues that can lead to securities litigation. She speaks regularly on the changing landscape of securities litigation and how it is increasingly intersecting with other fields of law. Jessie is co-chair of the M&A/Proxy Litigation Subcommittee of the ABA's Securities Litigation Committee and was appointed to the Administrative Law Committee of the New York City Bar Association.
Jessie believes that management skills are just as important as substantive legal knowledge. Drawing from her previous career in economics, she demands strong project management and efficient, cost-effective utilization of resources in all of her cases. Jessie has a natural ability to execute a legal strategy while coordinating large teams of attorneys and outside vendors, most notably in her representation of Irving H. Picard, the Trustee for the global liquidation of Bernard L. Madoff Investment Securities LLC. She has managed the Trustee’s claims against Madoff’s largest hedge fund investor and his primary banker. Jessie co-chairs the Women’s Steering Committee for the New York office.
Experience Securities Litigation
Class Action Litigation
American Bar Association
New York City Bar Association
New York State Bar Association
California State Bar Association
Great discussion among knowledgeable attorneys.
Very knowledgeable panel.
A relatively fair presentation of Halliburton but clearly from a defense perspective. Ms. Gabriel shines in the clarity and conciseness of her follow-up questions.
Great discussion and analysis. It was a necessary update to an older course.
Liked the division among the three lawyers, cross discussion and questioning to further clarify points and analysis.
Excellent details of a headline case.
great take aways and presenter interaction for a recent decision
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