Supreme Court Weighs Opening The Janus Gate of Secondary Liability

The Supreme Court heard oral arguments in Janus Capital Group, Inc. v. First Derivatives Traders on Tuesday. You can read the transcript here. The SCOTUSblog posts transcripts of oral arguments. If you are not up to reading the entire transcript, Jim Hamilton’s World of Securities Regulation posted this summary.

Mark Perry, on behalf of the petitioners, argued that the judgment below represented nothing less than a frontal assault on the Supreme Court’s earlier rulings in Central Bank of Denver, NA v. First Interstate Bank of Denver, NA, 511 US 164 (1994) (holding a private plaintiff may not bring a suit for aiding and abetting under § 10(b) of the Securities Exchange Act of 1934) and Stoneridge Inv. Partners v. Scientific-Atlanta, 128 S. Ct. 761 (2008) (holding that there is no implied right of action under § 10(b) against customers/suppliers because investors did not rely on their statements).

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