Oregon v. Marsh & McLennan Companies, Inc. | false and misleading statements that caused the state to lose approximately $10 million on investments in Marsh stock, based on the "fraud-on-the-market" doctrine

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Oregon v. Marsh & McLennan Cos. Inc., Oregon Sup. Ct | false and misleading statements…based on the “fraud-on-the-market” doctrine

Oregon v. Marsh & McLennan Cos. Inc., Oregon Sup. Ct | false and misleading statements…based on the “fraud-on-the-market” doctrine

Filed: December 13, 2012

IN THE SUPREME COURT OF THE STATE OF OREGON

STATE OF OREGON,
acting by and through the Oregon State Treasurer,
and the Oregon Public Employee Retirement Board,
on behalf of the Oregon Public Employee Retirement Fund,
Petitioner on Review,

v.

MARSH & MCLENNAN COMPANIES, INC.
and MARSH, INC.,
Respondents on Review,

and

JEFFREY GREENBERG
and RAY GROVES,
Defendants.

(CC 050808454; CA A139453; SC S059386)

En Banc

On review from the Court of Appeals.*

Argued and submitted December 7, 2011.

Keith S. Dubanevich, Special Counsel, Salem, argued the cause for petitioner on
review. With him on the briefs were John R. Kroger, Attorney General, Mary H.
Williams, Solicitor General, and Denise G. Fjordbeck, Assistant Attorney General.
James T. McDermott, Ball Janik LLP, Portland, argued the cause for respondents
on review. With him on the brief was Dwain M. Clifford.

Kim T. Buckley and John W. Stephens, Esler, Stephens & Buckley, LLP,
Portland, filed a brief on behalf of amici curiae Oregon Trial Lawyers Association and
Economic Fairness Oregon.

Meyer Eisenberg, Washington D.C., and Franklin Jason Seibert, F.J. Seibert, LLC,
Salem, filed a brief on behalf of amici curiae Meyer Eisenberg and Franklin Jason
Seibert.

Robert S. Banks, Jr., Banks Law Office, PC, Portland, filed a brief on behalf of
amicus curiae North American Securities Administrators Association.

DE MUNIZ, J.

The decision of the Court of Appeals is reversed, and the case is remanded to the
Court of Appeals for further proceedings.

*Appeal from Multnomah County Circuit Court, Frank L. Bearden, Judge. 241 Or
App 107, 250 P3d 371 (2011).

[ipaper docId=117198578 access_key=key-19tlmjaddt6onbb78h66 height=600 width=600 /]

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