Attys See Clouded Legacy For High Court's Janus Ruling

Law360, New York (June 4, 2013, 7:27 PM EDT) -- The U.S. Supreme Court's June 2011 decision in Janus Capital Group Inc. v. First Derivative Traders was supposed to draw a bright-line test for determining who can be held liable for making false statements, but two years later, securities attorneys say the issue is far from settled.

The 5-4 ruling sought to define what it means to make a statement under Section 10(b) of the Securities Exchange Act of 1934. According to the majority opinion, “the maker of a statement is the person or entity with...
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