Janus Capital Group, Inc. v. First Derivative Traders, No. 09-00525, 2011 BL 154641 (U.S. June 13, 2011) Abandoning its previous unanimous decisions on federal securities law issues, a deeply divided U.S. Supreme Court, in a 5-4 decision, held that liability under Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) andRule 10b-5 thereunder is limited to persons who "make" a false or misleading statement. According to the majority, only a person with "ultimate authority" over the statement truly makes it.
Legally Separate Entities
Who "Made" the Statement?
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