Editor's Note :

Editor's Note :

We are expecting one or more decisions in argued cases tomorrow at 10 a.m. We will be live-blogging the opinion(s) as they are released. However, there is no live blog of tomorrow’s oral argument in King v. Burwell. We will have coverage of that argument as soon as possible after it is finished; the transcript should be available tomorrow afternoon, and the audio will be available on Friday.
Wednesday's live blog will be available here.

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.

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