Supreme Court Hears Case Against Frivolous Securities Class Action Lawsuits
The Supreme Court heard arguments today against the legal precedent that has led to a proliferation of securities class action lawsuits over the past 25 years in Halliburton Co. v. Erica P. John Fund, Inc. National Association of Manufacturers (NAM) Senior Vice President and General Counsel Linda Kelly issued this statement following today’s sitting:
“Securities class action lawsuits not only siphon productive capital out of the economy, but they also inflict significant cost burdens on manufacturers, while impairing their ability to grow and create jobs. The result is no net benefit to shareholders and enormous amounts of resources diverted toward legal fees and settlements. Manufacturers are hopeful that the Court will exercise its right to rein in these lawsuits.”
The Manufacturers’ Center for Legal Action serves as the leading voice of manufacturers in the courts, representing the 12 million men and women who make things in the United States. The Center strategically engages in litigation as a direct party, intervenes in litigation important to our manufacturers and weighs in as amicus curiae on important cases. To read more about the Center, click here.