Justice Kagan in the previous clip mentioned that Congress has had every opportunity to change Basic and has not done so.   In fact, in February 2013 the Supreme Court acknowledged in a case called Amgen that, as attorney David Boies said on behalf of the Erica P. John Fund, “the fraud on the market presumption was a substantive doctrine of federal securities law.”  Congress has, in fact, reformed securities litigation on multiple occasions since Basic was decided without abandoning or modifying the presumption.  The two examples that Boies highlights in the oral argument clip below are what he refers to as “PSLRA,” or the Private Securities Litigation Reform Act of 1995, and “SLUSA,” or the Securities Litigation Uniform Standards Act of 1998, which Boies argues—with some pushback from Justices Alito and Scalia—included an implicit acceptance of the fraud-on-the-market theory.