The Supreme Court next week will hear a case involving Halliburton that could reshape the landscape for securities-fraud class-action suits. The case involves a doctrine established in Basic v. Levinson in 1988 that allows judges to assume shareholders have taken any public misstatements into account when making investing decisions. Four of the nine justices have already expressed skepticism of the doctrine, and the court's decision could have a far-reaching impact. "No matter which side you are on, whether you like it or hate it, it's huge," said Jeffrey Mahoney, general counsel of the Council of Institutional Investors.

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