Basic Inc. v. Levinson
Case Date: 11/04/1988
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485 U.S. 224 (more)
108 S. Ct. 978; 99 L. Ed. 2d 194; 1988 U.S. LEXIS 1197; 56 U.S.L.W. 4232; Fed. Sec. L. Rep. (CCH) P93,645; 24 Fed. R. Evid. Serv. (Callaghan)
961; 10 Fed. R. Serv. 3d (Callaghan) 308
Prior history
U.S. Dist. Ct. N.D. Ohio certified plaintiffs' class, granted summary judgment to defendants; 6th circuit affirmed class certification, reversed and remanded summary judgment, 786 F.2d 741
Holding
Plaintiffs are entitled to a rebuttable presumption of reliance in a 10b-5 case, based on a fraud-on-the-market theory.
Court membership
Chief Justice
Associate Justices
Case opinions
Majority
Blackmun, joined by Brennan, Marhsall, Stevens
Concur/dissent
White, joined by O'Connor
Rehnquist, Scalia, Kennedy took no part in the consideration or decision of the case.
Laws applied
Securities Exchange Act of 1934, SEC Rule 10b-5
Basic, Inc. v. Levinson, 485 U.S. 224 (1988),[1] was a case in which the Supreme Court of the United States articulated the "fraud-on-the-market theory" as giving rise to a rebuttable presumption of reliance in securities fraud cases.
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