By Susan Hurd, Melissa Gworek and Evan Glustrom (December 7, 2018, 3:16 PM EST) -- On Dec. 3, 2018, the U.S. Supreme Court heard oral argument in Lorenzo v. U.S. Securities and Exchange Commission, a closely watched case that could set further limits on so-called "scheme liability" claims brought pursuant to Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Lorenzo case presents the court with the opportunity to revisit its prior decision in Janus Capital Group Inc. v. First Derivative Traders,[1] which held that only the party deemed to be the "maker" of a false or misleading statement can be held liable for that statement under Rule 10b-5(b). The issue presently before the court in Lorenzo is whether a party that fails to qualify as a "maker" of a statement under Janus can nevertheless be liable for transmitting the statement under subparts (a) and (c) of Rule 10b-5, which speak in terms of employing "any device ... to defraud" or engaging "in any act ... which operates ... as a fraud ... upon any person."[2]...