State ex rel. Oregon State Treasurer v. Marsh & McLennan Companies, Inc.

In State Treasurer v. Marsh & McLennan Companies, Inc., 241 Or App 107, 250 P3d 371 (2011) CMarsh I), we held that a stock purchaser seeking to recover under ORS 59.137 for securities law violations must prove direct reliance rather than utilize a presumption of reliance under the “fraud-on-the-market” doctrine recognized under federal securities law. The Supreme Court subsequently reversed our decision, concluding that the Oregon legislature intended to incorporate the fraud-on-the-market doctrine when it enacted ORS 59.137. State Treasurer v. Marsh & McLennan Companies, Inc., 353 Or 1, 23,…