U.S. Supreme Court
Jun. 15, 2011
High Court Limits Securities Fraud Liability
A divided U.S. Supreme Court limited the field of liable parties in private securities-fraud cases Monday, holding that only those who have "ultimate authority" over issuing the alleged false statement can be sued.
Daily Journal Staff Writer
WASHINGTON - A divided U.S. Supreme Court limited the field of liable parties in private securities-fraud lawsuits Monday, holding that only those who have "ultimate authority" over issuing an alleged false statement can be sued.
The 5-4 decision kills a class action against Janus Capital Group Inc. and Janus Capital Management LLC because the court found they were not responsible for th...
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