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Solicitor General Asks Court To Bar Third Party Cases

Law360 (August 16, 2007, 12:00 AM EDT) -- The U.S. Solicitor General has asked the U.S. Supreme Court to prohibit private securities lawsuits against companies that allegedly aided and abetted a different company’s securities fraud.

Solictor General Paul D. Clement filed his much-anticipated friend-of-the-court brief Wednesday, taking the side of suppliers of cable company Charter Communications Inc. who have been sued for allegedly enabling Charter to overstate its revenue in order to defraud shareholders. Clement asserted that only the SEC has the power to bring such suits against third parties.

The Supreme Court on...
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