Supreme Court Detainee Case May Affect Securities Class Actions

A Supreme Court case brought by a post-9/11 detainee could affect securities class actions. In Ashcroft et al. v. Iqbal et al., the court voted 5 to 4 to throw out a claim that former attorney general John Ashcroft and current FBI director Robert Mueller violated the Constitutional rights of the detainee. The court ruled that Javaid Iqbal had not met the pleading requirements set forth in the antitrust case Bell Atlantic Corp. v. Twombly. Skadden's Scott Musoff says the decision could make it harder on securities class action plaintiffs at the pleading stage.

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