Ross v. Bank South, N.A.

I

Recent precedent dictates that I concur with the majority's opinion affirming the *1005District Court decision to certify the class.1 It is not without some reluctance, however, that I join in the affirmance on this issue, as it again minimizes the need for individual reliance in securities fraud cases and thereby reduces the efficacy of disclosure statements in general.

Reliance has historically been an essential element of a fraud case under § 10(b) of the Securities and Exchange Act of 1934.2 Though proof of reliance has varied according to the type of securities fraud alleged,3 the basic…