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U.S. justices searching for middle ground in major securities case
March 5, 2014 / 4:40 PM / 4 years ago

U.S. justices searching for middle ground in major securities case

WASHINGTON, March 5 (Reuters) - U.S. Supreme Court justices on Wednesday appeared to look for a compromise that would enable them to avoid overruling a 26-year-old precedent that made it easier for plaintiffs to negotiate large class action settlements.

Based on questions from the nine-member court during a one-hour oral argument, there did not seem to be a majority willing to overturn the 1988 case, Basic v. Levinson. Justice Anthony Kennedy, a regular swing vote, and Justice Antonin Scalia both indicated interest in a compromise move that would help defendants.

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