SEC's High Court Win Snaps Dry Spell On Enforcement Issues

Law360 (March 27, 2019, 9:46 PM EDT) -- The U.S. Securities and Exchange Commission avoided yet another upset at the Supreme Court on Wednesday when it came away with a win in its "copy-paste" fraud case against former investment banker Francis Lorenzo, and the high court's endorsement of the agency's primary liability theory may serve to bolster an aggressive enforcement stance.

A subsection of the SEC's main anti-fraud rule called Rule 10b-5(b) prohibits making false or misleading statements to investors. In its 2011 decision in Janus Capital Group Inc. v. First Derivative Traders, the Supreme Court narrowed the scope of who can be held primarily liable under that subsection —...

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