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Supreme Court in Stoneridge rejects application of “scheme liability” to customers and vendors of issuers accused of securities fraud — impact on professionals and securities market participants less clear

Pillsbury Winthrop Shaw Pittman LLP

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USA January 15 2008

On January 15, 2008, the Supreme Court issued its eagerly anticipated decision in Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc., No. 06-43. The outcome—a ruling in favor of defendants—was no surprise, but the Court’s reasoning was somewhat unexpected. The Court’s majority—and the dissenters—rejected the Eighth Circuit’s reasoning that only misstatements, omissions by those with a duty to disclose, and manipulative securities trading practices could create liability in a Section 10(b) action brought by a private plaintiff.



Pillsbury Winthrop Shaw Pittman LLP - Bruce A. Ericson, David M. Furbush, Jacob R. Sorensen
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Filed under

  • USA
  • Capital Markets
  • Litigation
  • White Collar Crime
  • Pillsbury Winthrop Shaw Pittman LLP

Tagged with

  • Eighth Circuit
  • SCOTUS
  • Security (finance)
  • Limited liability company
  • Majority opinion
  • Securities fraud

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Related USA articles

  1. U.S. Supreme Court limits secondary actors’ liability for securities fraud under Section 10(b) and Rule 10b-5 *
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Brigitte Zaza
Company Secretary
Chevron Limited
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