It's very rare for securities fraud defendants to successfully rebut the fraud-on-the-market presumption of reliance to beat a case. So even though the immediate stakes weren't too high, it counts as a significant victory for Vivendi S.A. and its lawyers at Cravath, Swaine & Moore that they managed to pull it off last week.
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Defendants Rebut 'Fraud on Market' to Beat $3.5M Suit
The Litigation Daily
March 7, 2013
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