Supreme Court Draws Bright Line In Janus

Law360, New York (June 13, 2011, 1:21 PM EDT) -- In its decision Monday to bar a class of shareholders from suing investment adviser Janus Capital Management LLC over alleged misstatements in mutual fund prospectuses, the U.S. Supreme Court reaffirmed a bright line in securities fraud law and cut off what could have been a new source of litigation for plaintiffs attorneys, experts say.

"One thing that seems to be animating the opinion here is the need for clear line-drawing in the securities context," said Peter B. Morrison, a partner at Skadden Arps Slate Meagher &...
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