Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
D.C.
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Mass.
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
N.Carolina
N.Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
S.Carolina
S.Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W.Virginia
Wisconsin
Wyoming
Law Firm Website Design Companies : The Good, The Bad, and The Ugly


The brief by the U.S. solicitor general contradicts a brief filed by the Securities and Exchange Commission, which argued for shareholders' rights to sue those third parties. "Allowing liability for a primary violation under the circumstances presented here would constitute a sweeping expansion of the judicially inferred private right of action" under securities law, wrote Solicitor General Paul Clement.

Such a move could expose customers, vendors and others to "billions of dollars in liability when issuers of securities make misstatements to the market," he wrote.
Clement wrote that allowing third parties to be sued would "vastly expand liability in unpredictable ways."

The case, Stoneridge Investment Partners v. Scientific-Atlanta, Inc., has attracted considerable interest from lawmakers and industry associations. On Tuesday, Senate Banking Committee Chairman Christopher Dodd, D-Conn., asked President Bush to back the SEC's position.

Meanwhile, Securities Industry and Financial Markets Association President Marc Lackritz said allowing third parties to be held liable would result in skyrocketing litigation costs for companies.

"Investors already receive substantial protections under the law, and the Securities and Exchange Commission and other securities regulators are already armed with all the necessary regulatory tools to recoup lost money for investors," Lackritz said.
Similarly, the U.S. Chamber of Commerce, a business trade group, had urged the court to reject the expanded liability, known in legal terms as "scheme liability."

"Congress authorized the SEC to enforce securities laws against third parties and disburse funds to harmed investors," said Robin Conrad, executive vice president of the National Chamber Litigation Center.

"The Supreme Court should not upset that legislative decision by allowing class action lawyers to increase litigation risk and further hamper the competitiveness of American markets," Conrad said.

The Supreme Court is scheduled to hear the case in its fall term.

Legal News | Breaking News | Terms & Conditions | Privacy | Lawyer Website Designer by Law Promo

ⓒ Breaking Legal News. All Rights Reserved.

The content contained on the web site has been prepared by BLN as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case.
   More Legal News
   Legal Spotlight
   Exclusive Commentaries
   Attorney & Blog - Blog Watch
   Law Firm News  1  2  3  4  5  6 
   Lawyer & Law Firm Links
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
New Rochelle Accidents Attorneys
New Rochelle Personal Injury
www.kboattorneys.com
Chicago Business Lawyer
Cook County Contract Law
www.rothlawgroup.com
Canton Criminal Lawyer
Canton DUI lawyer
www.cantoncriminalattorney.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
Oregon DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
Houston Car Accident Attorneys
Wrongful Death Attorneys Houston
Houston Wrongful Death
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Santa Ana Workers' Compensation Lawyers
www.gentryashtonlaw.com
Indianapolis personal injury lawyer
Brain injury lawyer Indianapolis
www.rwp-law.com
Eugene Bankruptcy Attorney
Bankruptcy Attorney Eugene
willamettevalleybankruptcy.com
   More Legal News  1  2  3  4  5  6
   Legal News Links
  Click The Law
  Daily Bar News
  The Legal Voice
  The Legal Report
  Legal News Post
  Crisis Legal News
  Legal News Journal
  Law Firm Logos
  Eugene Criminal Defense Law
  Attorney Web Design
  Immigration Law Web Design
  Law Firm Directory