[JURIST] The US Supreme Court [official website; JURIST news archive] on Monday ruled [opinion, PDF] 5-4 in Janus Capital Group v. First Derivative Traders [Cornell LII backgrounder; JURIST report] that a service provider cannot be held primarily liable in a private securities fraud suit for aiding and participating in another company’s misstatements. Section 10(b) of the Securities and Exchange Act [materials] prohibits any manipulation or deception in connection with the purchase or sale of securities. The liability associated with the…
Supreme Court rules securities company not liable to investors for misstatements
By Clekis Law|2011-07-29T01:02:31+00:00July 29th, 2011|Uncategorized|Comments Off on Supreme Court rules securities company not liable to investors for misstatements