Legal Opinion
Janus Capital Group, Inc. v. First Derivative Traders
Supreme Court of the United States
Decided June 13, 2011No. 09-525PublishedCited by 380 opinions
1Opinion of the CourtJustice Thomas
This case requires us to determine whether Janus Capital Management LLC (JCM), a mutual fund investment adviser, can be held hable in a private action under Securities and Exchange Commission (SEC) Rule 10b-5 for false statements included in its client mutual funds’ prospectuses. Rule 10b-5 prohibits “mak[ing] any untrue statement of a material fact” in connection with the purchase or sale of *138securities. 17 CFR §240.10b-5 (2010). We conclude that JCM cannot be held liable because it did not make the statements in the prospectuses.
I
Janus Capital Group, Inc. (JCG), is a publicly traded company…
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