IT IS the most important securities-litigation clash for a generation

Oswinw011

Senior Member
Chinese
IT IS, by general consent, the most important securities-litigation clash for a generation. A case now before the Supreme Court, Stoneridge v Scientific-Atlanta, is shaping up to be a key test of attitudes towards shareholder class actions. (Source: the stoneridge showdown, the Economist)

Hi, everyone
What's the meaning of "IT" here? I can't find the object it refers to. Those are the first two sentences with the article. If it refers to the "case", can we use it to refer something in the second sentence? Thanks
 
  • "IT IS" is referring to the the clash between Stoneridge and Scientific-Atlantic and the impending court case. The writer capitalized both "IT" and "IS" to emphasize the importance of this case, as the Supreme Court makes the final decision.
     
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