US Supreme Court tosses case involving securities fraud suit against Nvidia
The justices, who heard arguments on November 13 after earlier deciding to take up the case, dismissed Nvidia's appeal of a lower court's ruling that allowed a 2018 class action — litigation led by the Stockholm, Sweden-based investment management firm E. Ohman J:or Fonder AB — to move forward.
The Supreme Court opted not resolve the underlying legal dispute, determining that the case should not have been granted. Its action leaves the lower court's decision in place.
The court's dismissal came in a one-line order that provided no explanation.
At issue was whether the plaintiffs cleared the heightened legal bar for bringing private securities fraud suits set under a 1995 federal law called the Private Securities Litigation Reform Act that aimed to screen out frivolous litigation.
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