The United States Supreme Court declined Visa and Mastercard’s petition for certiorari on Monday, thereby deepening a split between the circuit courts regarding the predominance standard for class certification. The National ATM Council, Inc. (NAC) filed a class action against the credit card companies for blocking ATM operators from charging customers different ATM fees. The credit card companies opposed certification by arguing, in part, that the putative class contained uninjured plaintiffs. They further argued this mixture of injured and uninjured plaintiffs failed to satisfy the predominance standard.

A federal judge disagreed and certified the class. The D.C. […]

After hearing arguments on January 16, 2024, the Supreme Court issued its unanimous opinion on Macquarie Infrastructure Corp., et al. v. Moab Partners, LP, et al, on April 12, 2024. The Supreme Court granted certiorari to resolve “whether a failure to make a disclosure required by Item 303 can support a private claim under . . . Rule 10b-5(b) in the absence of an otherwise misleading statement.” The Court held that a manager’s pure omission cannot support an investor’s cause of action under Rule 10b-5(b). Instead, “the failure to disclose information required by Item 303 can […]