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.