October 9, 2007

Stoneridge Argument

Early reports from today's Supreme Court oral argument in the Stoneridge case suggest that the court is unlikely to side with the plaintiff investors and adopt a broad definition of "scheme liability." First-hand accounts can be found at SCOTUSBlog and the WSJ Law Blog. (Also worth reading is today's coverage of the case in the Wall Street Journal, including an op-ed by SEC Commissioner Paul Atkins.)

Quote of note (SCOTUSBlog): "'Congress has kind of taken over for us . . . They picked up the ball and are running with it . . . My suggestion is that we should get out of the business of expanding [the key securities fraud section]; Congress has taken over,' the Chief Justice told New York attorney Stanley M. Grossman."

Posted by Lyle Roberts at October 9, 2007 1:30 PM | TrackBack
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