US high court rules against Amgen in class action

WASHINGTON Wed Feb 27, 2013 10:11am EST

WASHINGTON Feb 27 (Reuters) - The U.S. Supreme Court made it easier on Wednesday to bring class action lawsuits, breaking a line of rulings that had made it more difficult to sue corporate defendants collectively and perhaps obtain greater recoveries.

The case against Amgen Inc concerned what kind of evidence must be presented before companies may be the subject of class action lawsuits.

By 6-3, the court allowed a suit against Amgen to go forward in which the Connecticut Retirement Plans and Trust Funds accuses the biotechnology company of fraudulently inflating its stock price.