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Securities fraud

2013

Selected Works

Articles 1 - 2 of 2

Full-Text Articles in Law

The Implications Of Janus On The Liability Of Issuers In Jurisdictions Rejecting Collective Scienter, Neva B. Jeffries Apr 2013

The Implications Of Janus On The Liability Of Issuers In Jurisdictions Rejecting Collective Scienter, Neva B. Jeffries

Neva B Jeffries

This article addresses the increasing limitations placed on both the Securities and Exchange Commission (“SEC”) and private litigants to pursue claims of fraud against wrongdoers under the federal securities laws, specifically for claims of misrepresentation under Section 10(b) of the Securities Exchange Act of 1934 and the SEC’s Rule 10b-5. The most recent and glaring example of this curtailment occurred in 2011 with the United States Supreme Court’s decision in Janus Capital Group, Inc. v. First Derivative Traders. For a defendant to be liable for a misrepresentation, Rule 10b-5(b) requires that the defendant be the “maker” of the false statement. …

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Gordon Lf Ijlc 20132.Pdf, Randy D. Gordon Dec 2012

Gordon Lf Ijlc 20132.Pdf, Randy D. Gordon

Randy D. Gordon

In the popular imagination, legal proceedings and their rules of law are thought of as paths to unalloyed truth. Both practitioners and scholars know this is often not the case because the law is, as are other domains, riddled with fictions. Indeed, the law sometimes borrows fictions from other domains to help it achieve results that would otherwise be unobtainable. One such place is securities law, in which courts in the United States have borrowed the concept of the “efficient market” from economics to make fraud class actions possible. But that concept is — if not wholly — at least …

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