Thursday, June 16, 2011

Why the Janus Ruling Matters

Booman Tribune ~ A Progressive Community:
"The Thomas majority, in coming to its ridiculous decision, reads the statute and Rule as narrowly as possible to say that only the entity that actually signs the prospectus is the speaker or 'maker' of the false statements. Anyone who 'assists' the ultimate signer of the prospectus, even if that person wrote the entire fraudulent document, cannot be held not liable under these circumstances. Justice Thomas said that unless the false statements in the fund prospectuses were directly attributable to the Janus Manager in the language of each prospectus, no suit could be filed against the two Janus companies that assuredly controlled the Janus Fund (as evidenced by the market timing scheme they perpetrated)."

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