On November 5th, the SEC posted its amicus brief in Janus Capital Group, Inc. v. First Derivatives Traders, 09-525 (S.Ct.). The SEC and the U.S. Solicitor General argue that the investment adviser for a group of mutual funds can be held primarily liable under Section 10(b) of the Exchange Act for having made misleadi\ng statements in fund prospectuses even though the prospectuses were issued in the names of the funds and the misleading statements were not expressly attributed to the adviser. Amicus Brief. See also Questions Presented; Opinion Below.