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In re Omnicom: The Second Circuit Continues to Raise the Bar to Proving Loss Causation in Securities Fraud Cases
March 10, 2010
In a significant decision issued yesterday in In re Omnicom Group, Inc. Securities Litigation, the United States Court of Appeals for the Second Circuit continued to develop its demanding standards of loss causation in cases brought under Section 10(b) of the Securities Exchange Act. The Court of Appeals affirmed the dismissal on summary judgment, on loss causation grounds, of securities fraud claims against Omnicom Group, Inc. ("Omnicom") and its management.