Justices Send Homestore Suit Back To 9th Circuit

Law360, New York (January 22, 2008, 12:00 AM EST) -- A teachers' retirement group may see its case against several parties involved in Homestore.com's $190 million accounting misstatements go up in smoke, after the Supreme Court remanded the lawsuit back to the Ninth Circuit on Tuesday.

The appeal of the Ninth Circuit's decision in Avis Group v. California State Teachers' Retirement System had been on hold at the Supreme Court since it accepted the appeal of Stoneridge Investment Partners LLC v. Scientific-Atlanta Inc.

Both cases raise the question of whether private parties could bring security actions...
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