Supreme Court Set To Decide Arian Controversy In Janus

The U.S. Supreme Court has scheduled oral arguments in Janus Capital Group, Inc.v. First Derivative Traders for December 7, 2010. The case concerns whether: (1) a service provider can be held primarily liable for participating in an issuer’s misstatements; and (2) whether a service provide can be held primarily liable for statements not directly and contemporaneously attributed to that service provider. The Supreme Court will be reviewing a holding by the Fourth Circuit Court of Appeals that found that a mutual fund adviser could be held liable in a private action because it participated in the writing and distribution of fund prospectuses.

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