Second Circuit Affirms Dismissal of Securities Case Against Express Scripts

Skadden successfully defended against appeal of the dismissal of securities fraud claims brought against Express Scripts Holding Company and certain of its executives arising out of a dispute between the company and its largest client, Anthem Inc. On May 7 — just one week after oral argument — the U.S. Court of Appeals for the Second Circuit affirmed dismissal of the case in its entirety, holding that the defendants had no duty to disclose the details of the ongoing negotiations or to try to predict their outcome. In a summary order, Second Circuit Judges Barrington Parker, Denny Chin and Susan Carney agreed with Southern District of New York Judge Edgardo Ramos that the plaintiff failed to allege any misstatement or scienter.