God Bless Justice Stevens
On the right side of everything.
I’m no lawyer—though I do have pretty good access to one of the brightest young attorneys in the country— but this seems an absurdly high standard just to get past summary judgement. But then again, this is an issue of statutory interpretation, so maybe the justice’s hands were tied. I don’t know.
What I do know is that this case is an excellent illustration of just what the 1994 Gingrich Revolution was all about. The GOP takes over congress in 1995 and what do they get to work doing? Passing the Private Securities Litigation Reform Act of 1995, which makes it harder for investors to sue companies for fraud. (Of course, we now know that the period just after this was passed was one marked by an orgy of corporate malfeasance.) Funnily enough, “Making it harder for you to sue a company the defrauds you” didn’t make it onto the Contract With America. Amazingly, they never quite got around to the term limits.