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SEC Ex-Officers Ask High Court To Allow Suits

Law360 (July 17, 2007, 12:00 AM EDT) -- Three former top officers at the U.S. Securities and Exchange Commission filed a friend-of-the-court brief Monday urging the U.S. Supreme Court to permit securities lawsuits against companies that engaged in transactions associated with another company’s fraudulent activities.

The three former officials took the side of a plaintiff suing suppliers of cable company Charter Communications Inc. for allegedly enabling Charter to overstate its revenue in order to defraud shareholders.

The Charter case, which was granted a writ of certiorari in March 2007, is widely seen to hold...
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