Amici Curiae Brief, Janus Capital Group, Inc. v. First Derivative Traders

On June 13, 2011, the Supreme Court of the United States issued an opinion in favor of the petitioners in this case, holding that because the allegedly false statements in the prospectuses were made by an investment fund, not the adviser, the adviser cannot be held liable in a private action under Rule 10b-5. Specifically, the Court held that “[f]or purposes of Rule 10b-5, the maker of a statement is the person or entity with ultimate authority over the statement, including its content and whether and how to communicate it.” Dechert attorneys G. Eric Brunstad, Jr. (counsel of record), Robert W. Helm, Ruth S. Epstein, William K. Dodds, Jane A. Kanter, Collin O’Connor Udell, James S. Buino, Matthew J. Delude and Evan S. Posner filed an amici curiae brief in support of the petitioners.

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