In Omnicare, Supreme Court Draws Distinction Between Factual Misstatements and Factual Omissions in Setting Standards for Determining Section 11 Opinion Statement Liability

by Pepper Hamilton LLP
Contact

On March 24, the U.S. Supreme Court handed down its landmark decision in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund.1 The Court vacated the U.S. Court of Appeals for the Sixth Circuit’s ruling that an issuer of securities and its officers and directors could face liability under Section 11 of the Securities Act of 1933 for opinions set forth in a registration statement that later proved to be false, regardless of whether the defendants subjectively believed the opinions when the issuer filed the registration statement with the U.S. Securities and Exchange Commission (SEC).

Rejecting the Sixth Circuit’s objective-falsity test for determining Section 11 opinion statement liability, the Supreme Court’s decision, authored by Justice Elena Kagan,2 sets two separate standards instead: (1) a subjective-falsity standard for evaluating a plaintiff’s claims that the defendants’ opinions constitute untrue statements of material fact so long as the statements are “pure” opinions and contain no “embedded statements of [untrue] fact”; and (2) a “reasonable investor” standard for reviewing claims that the defendants’ opinions omitted material facts.3 The Court held that, to successfully allege that a pure statement of opinion is materially false, a plaintiff must plead facts showing that the defendants did not “honestly” hold the opinion stated since “a sincere statement of pure opinion is not an ‘untrue statement of material fact,’ regardless [of] whether an investor can ultimately prove the belief wrong.”4 To satisfy the “reasonable investor” standard with respect to an alleged omission of material fact, a plaintiff must identify “particular” material “facts about the inquiry the issuer did or did not conduct or the knowledge it did or did not have,” the omission of which “makes the opinion statement at issue misleading to a reasonable person reading the statement fairly and in context.”5 As the Court’s decision explains, a plaintiff’s burden to adequately plead the reasonable investor standard “is no small task” in that “conclusory assertions,” such as “the issuer failed to reveal its basis,” will not suffice.6

Background

Under Section 11, an investor who purchased stock in a public offering can bring a private action against the issuer of the stock (and other designated individuals) for material factual misstatements or omissions made in the registration statement. Unlike Section 10(b) of the Securities Exchange Act of 1934, Section 11 does not require that the plaintiff allege that the defendants acted with an intent to deceive or defraud investors.7

On December 15, 2005, Omnicare, Inc., the nation's largest provider of pharmacy services for residents of long-term care facilities, issued a public offering of common stock and, in connection with that offering, filed a registration statement with the SEC.8 The registration statement contained, in addition to all mandated disclosures, an “analysis of the effects of various federal and state laws on [Omnicare’s] business model, including its acceptance of rebates from pharmaceutical manufacturers.”9 In the following two sentences, the registration statement expressed Omnicare’s view of its compliance with legal requirements:

  • “We believe our contract arrangements with other healthcare providers, our pharmaceutical suppliers and our pharmacy practices are in compliance with applicable federal and state laws.”
  • “We believe that our contracts with pharmaceutical manufacturers are legally and economically valid arrangements that bring value to the healthcare system and the patients that we serve.”10

After the public offering, the federal government brought suit against Omnicare for its alleged receipt of illegal “kickbacks” from pharmaceutical drug manufacturers.11 Citing these lawsuits, certain pension funds (Funds) that purchased Omnicare stock in the offering sued the company and its officers and directors for making allegedly “materially false” opinion statements in violation of Section 11.12 The Funds claimed that Omnicare’s officers and directors did not have “reasonable grounds” for thinking that these opinions were truthful and complete because, among other things, the company received a warning from one of its attorneys that a particular contract “‘carrie[d] a heightened risk’ of liability under anti-kickback laws.”13

The U.S. District Court for the District of Kentucky granted the Omnicare defendants’ motion to dismiss the Funds’ complaint on the grounds that the Funds failed to allege that the defendants “knew” the opinion statements were untrue at the time they were made.14 The Sixth Circuit reversed, holding that “the Funds had to allege only that the stated belief was ‘objectively false’; they did not need to contend that anyone at Omnicare ‘disbelieved [the opinion] at the time it was expressed.’”15

The Supreme Court’s Section 11 Opinion Statement Standards

As we noted in our previous client alert regarding this case, Omnicare argued in its appeal to the Supreme Court that Section 11 should be interpreted as holding defendants liable for an opinion statement only to the extent that the opinion was both objectively false (i.e., the opinion turned out to be incorrect) and subjectively false (i.e., the defendant knew it was untrue) at the time it was expressed. The Funds, on the other hand, urged the Court to adopt the Sixth Circuit’s interpretation of Section 11 — that a defendant may be liable for an opinion expressed in a registration statement that turned out to be incorrect, even if the defendant believed the opinion was true at the time the statement was filed with the SEC.

In deciding what standard to adopt, the Court emphasized that “Section 11 creates two ways to hold Section 11 defendants liable for the contents of a registration statement — one focusing on what the statement says and the other on what the statement leaves out.”16 Accordingly, the Court viewed the question of what standard to adopt as presenting two “different issues,” rather than one, and ultimately chose to adopt a distinct standard for each basis of Section 11 liability.17

When addressing the first issue, the Court pointed out that every statement of opinion “explicitly affirms one fact: that the speaker actually holds the stated belief.”18 Accordingly, a statement of “pure” opinion is only “untrue” if the speaker did not sincerely hold the opinion.19 If, however, a statement of opinion contains supporting facts that are both material and false, then the opinion is an untrue statement of material fact.20 Thus, “liability under [Section] 11’s false-statement provision would follow . . . not only if the speaker did not hold the belief she professed but also if the supporting fact she supplied were untrue.”21 As the Court explained, this provision does not “allow investors to second-guess inherently subjective and uncertain assessments” or provide “an invitation to Monday morning quarterback an issuer’s opinions.”22

In analyzing the second issue — “when an opinion may be rendered misleading by the omission of discrete factual representations”23 — the Court applied a “reasonable investor” standard and held that, “if a registration statement omits material facts about the issuer’s inquiry into or knowledge concerning a statement of opinion, and if those facts conflict with what a reasonable investor would take from the statement itself, then [Section] 11’s omissions clause creates liability.”24 The Court clarified, however, that the reasonable investor standard does not require a registration statement to disclose every fact that may be inconsistent with an opinion it expresses. Indeed, “[r]easonable investors understand that opinions sometimes rest on a weighing of competing facts,” and “the presence of such facts is one reason why an issuer may frame a statement as an opinion, thus conveying uncertainty.”25 Moreover,

[A]n investor reads each statement within such a document, whether of fact or of opinion, in light of all its surrounding text, including hedges, disclaimers, and apparently conflicting information. And the investor takes into account the customs and practices of the relevant industry. So an omission that renders misleading a statement of opinion when viewed in a vacuum may not do so once that statement is considered, as is appropriate, in a broader frame. The reasonable investor understands a statement of opinion in its full context, and [Section] 11 creates liability only for the omission of material facts that cannot be squared with such a fair reading.26

Application of the Standards to the Omnicare Complaint

When applying these standards to the complaint against Omnicare, the Court held that the Funds failed to state a claim of liability under Section 11’s false-statement provision because (1) the Funds did not challenge the sincerity of the opinions expressed and (2) the statements at issue were pure opinion statements and contained no embedded statements of fact.27

As for Section 11’s omissions provision, the Court remanded the case to the lower courts, since “neither court below considered the Funds’ omissions theory with the right standard in mind — or indeed, even recognized the distinct statutory questions that theory raises.”28 The Court’s opinion sets forth the following specific instructions for the lower courts to follow when determining whether the Funds have stated a viable Section 11 omissions claim:

  • The Funds cannot proceed without identifying one or more facts left out of Omnicare’s registration statement. The Funds’ recitation of the statutory language — that Omnicare “omitted to state facts necessary to make the statements made not misleading” — is not sufficient; neither is the Funds’ conclusory allegation that Omnicare lacked “reasonable grounds for the belief” it stated respecting legal compliance.
  • The court must review the Funds’ complaint to determine whether it adequately alleged that Omnicare had omitted [the purported attorney warning referenced above], or any other like it, from the registration statement. And if so, the court must determine whether the omitted fact would have been material to a reasonable investor — i.e., whether “there is a substantial likelihood that a reasonable [investor] would consider it important” [under TSC Industries, Inc. v. Northway, Inc., 426 U.S. 438, 449 (1976)].
  • Assuming the Funds clear those hurdles, the court must ask whether the alleged omission rendered Omnicare’s legal compliance opinions misleading in the way described earlier — i.e., because the excluded fact shows that Omnicare lacked the basis for making those statements that a reasonable investor would expect. . . . Insofar as the omitted fact at issue is the attorney’s warning, that inquiry entails consideration of such matters as the attorney’s status and expertise and other legal information available to Omnicare at the time.
  • Further, the analysis of whether Omnicare’s opinion is misleading must address the statement’s context. . . . That means the court must take account of whatever facts Omnicare did provide about legal compliance, as well as any other hedges, disclaimers, or qualifications it included in its registration statement. The court should consider, for example, the information Omnicare offered that States had initiated enforcement actions against drug manufacturers for giving rebates to pharmacies, that the Federal Government had expressed concerns about the practice, and that the relevant laws could “be interpreted in the future in a manner” that would harm Omnicare’s business.29

These instructions suggest that the lower courts may have sufficient grounds to dismiss the Funds’ complaint for failure to plead a violation of Section 11’s prohibition against the omission of material facts in opinion statements.

Conclusion

The Supreme Court’s Omnicare decision provides detailed guidance for courts when evaluating the sufficiency of a plaintiff’s allegations of a violation of Section 11’s false-statement and omissions prohibitions. It also offers the following assurance to companies disclosing opinions in registration statements: “[T]o avoid exposure for omissions under [Section] 11, an issuer need only divulge an opinion’s basis, or else make clear the real tentativeness of its belief.”30 In light of this guidance, companies should carefully scrutinize and disclose the material facts that form the basis of each opinion set forth in their registration statements and consider including in that disclosure any relevant facts that might be interpreted as contradicting the opinion’s basis.

Endnotes

1 Omnicare, Inc. v. Laborers Dist. Council Constr. Indus. Pension Fund, No. 13-435 (U.S. Mar. 24, 2015), available at http://www.supremecourt.gov/opinions/14pdf/13-435_8o6b.pdf.

2 Justices Antonin Scalia and Clarence Thomas filed concurring opinions.

3 See Omnicare, slip op. at 6–20.

4 Id. at 9.

5 Id. at 18.

6 Id.

7 See id. at 2.

8 See Indiana State Dist. Council of Laborers & Hod Carriers Pension & Welfare Fund v. Omnicare, Inc., 719 F.3d 498, 500 (6th Cir. 2013).

9 Omnicare, slip op. at 2.

10 Id. at 3.

11 Id.

12 Id.

13 Id. at 4 (alteration in original).

14 Id.

15 Id. (alteration in original).

16 Id. at 2.

17 Id. at 5.

18 Id. at 7.

19 Id. at 7–9.

20 Id. at 8–9.

21 Id. at 9.

22 Id. at 9.

23 Id. at 5.

24 Id. at 12.

25 Id. at 13.

26 Id. at 14.

27 Id. at 9.

28 Id. at 19.

29 Id. at 19–20.

30 Id. at 19.

Written by:

Pepper Hamilton LLP
Contact
more
less

Pepper Hamilton LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.