U.S. Supreme Court limits primary liability under rule 10b-5 to those with 'ultimate authority' over a misleading statement

The authors believe that the U.S. Supreme Court's decision in Janus will be of significant importance in determining the scope of persons who can be liable in securities fraud cases.
In its June 13, 2011 decision in Janus Capital Group, Inc. v. First Derivative Traders, the United States Supreme Court held, in a divided 5-4 decision authored by Justice Clarence [...]