Law360, New York ( October 12, 2011, 5:09 PM EDT) -- The U.S. Supreme Court recently upset the U.S. Securities and Exchange Commission's traditional approach to pursuing primary violators under Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. In Janus Capital[1], the high court established a bright-line test to determine whether a person can be held primarily liable for false statements under Rule 10b-5. The court ruled that only the "maker" of the statement, but not a person who substantially participates in the creation of the statement, can be held primarily liable under Rule 10b-5. Janus Capital's bright-line test will undoubtedly change the landscape for SEC enforcement activity....
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