Punch and Jurists

Janus Capital Group v. First Derivative Traders, No. 09-525 (U.S. Supreme Court) (564 U.S. 135; 131 S.Ct. 2296) (June 13, 2011) (Justice Thomas) by Here, a divided Court held that a mutual fund investment advisor cannot be held primarily liable in a private securities-fraud action under Rule 10b-5 for “participating …

S.E.C. v. Tambone, No. 07-1384 (1st Cir.) (597 F.3d 436) (March 10, 2010) (Judge Bruce M. Selya) by In this case, the First Circuit, sitting en banc, rejected the SEC’s “expansive interpretation” of Rule 10(b)(5) (codified at 17 C.F.R. § 240.10b-5(b)) and held that one may not be held liable …