Editor's Note :

close editor's note Editor's Note :

On Monday at 9:30 a.m., the court is expected to release orders from the February 21 conference. At 10:00 a.m., the justices will hear oral argument in U.S. Forest Service v. Cowpasture River Preservation Association. Click to read our preview from Noah Sachs.
On Monday at 11:00 a.m., the justices will hear oral argument in Opati v. Sudan. Click to read our preview from Amy Howe.
On Tuesday and Wednesday, there is a possibility of opinions at 10:00 a.m.

Janus Capital Group, Inc. v. First Derivative Traders

Docket No. Op. Below Argument Opinion Vote Author Term
09-525 4th Cir. Dec 7, 2010
Tr.Aud.
Jun 13, 2011 5-4 Thomas OT 2010

Holding: Because the petitioner, a mutual fund investment adviser, did not make the false statements included in the mutual fund prospectuses of its clients, it cannot be held liable in a private action under SEC Rule 10b5, which prohibits mak[ing] any untrue statement of fact in connection with the purchase or sale of securities, for its role in preparing those prospectuses.

Plain English Holding: Investment advisors to a mutual fund cannot be sued under federal securities law for false statements made by the fund they advised.

Judgment: Reversed, 5-4, in an opinion by Justice Clarence Thomas on June 13, 2011. Justice Breyer filed a dissenting opinion, which Justices Ginsburg, Sotomayor, and Kagan joined.

SCOTUSblog Coverage

Briefs and Documents

Merits Briefs

Amicus Briefs

Certiorari-Stage Documents

 
Share:
Term Snapshot
At a Glance
Awards