Surprising Interpretations Of Janus Bright Line

Law360, New York (November 21, 2011, 1:07 PM EST) -- It has been nearly six months since the U.S. Supreme Court handed down its widely anticipated decision in Janus Capital Group Inc. v. First Derivative Traders, 131 S.Ct. 2296 (2011), setting a bright line limiting primary liability under Section 10b-5(b) to actual makers of misstatements and not to those who may have just been involved in them. Or so everybody thought. It turns out that the bright line may not be so bright after all.

Although the majority of the 10 or so lower court cases...
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