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On March 29, 2021 the Supreme Court heard oral argument in Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System. The questions before the court were whether, first, a defendant in a securities class action may rebut the presumption of classwide reliance recognized in Basic Inc. v. Levinson by pointing to the generic nature of the alleged misstatements in showing that the statements had no impact on the price of the security, even though that evidence is also relevant to the substantive element of materiality; and, second, whether a defendant seeking to rebut the Basic presumption has only a burden of production or also the ultimate burden of persuasion.

Ted Frank, Director at the Hamilton Lincoln Law Institute and the Center for Class Action Fairness, joins us today to discuss this case's oral argument.