What is the test for a plaintiff to bring a claim under Section 10(b) of the Securities and Exchange Act?
MultiRegion, United States of America
The following excerpt is from IBEW Local Union No. 58 Pension Trust Fund v. Royal Bank of Scot. Grp., 783 F.3d 383 (2nd Cir. 2015):
To establish a 10(b) claim, a plaintiff must prove: (1) the defendant made a material misrepresentation or omission; (2) with scienter; (3) in connection with the purchase or sale of a security; (4) reliance; (5) economic loss; and (6) loss causation. Stoneridge Inv. Partners, LLC v. ScientificAtlanta, Inc., 552 U.S. 148, 157, 128 S.Ct. 761, 169 L.Ed.2d 627 (2008).
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