Janus — 1 Year Later: Court Trends, Disagreements

Law360, New York (July 27, 2012, 1:46 PM EDT) -- At the end of the 2011 term, the U.S. Supreme Court issued its decision in Janus Capital Group Inc. v. First Derivative Traders, addressing who “make[s]” a statement such that they may be held primarily liable under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(b) thereunder. The court defined the “maker” as the “person or entity with ultimate authority over the statement, including its content and whether and how to communicate it.”[1]

Following cases in recent terms limiting the scope of Section...
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