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JANUS CAPITAL GROUP v. FIRST DERIVATIVE TRADERS

No. 09-525.

131 S.Ct. 2296 (2011)

564 U.S. 135

180 L.Ed.2d 166

JANUS CAPITAL GROUP, INC., et al., Petitioners, v. FIRST DERIVATIVE TRADERS.

Supreme Court of United States.

Decided June 13, 2011.

Attorney(s) appearing for the Case

Mark A. Perry, Washington, DC, for petitioners.

David C. Frederick, Washington, DC, for respondent.

Curtis E. Gannon, for United States as amicus curiae, by special leave of the Court, supporting the respondent.

Mark A. Perry, Counsel of Record, Thomas G. Hungar, Scott P. Martin, Gibson, Dunn & Crutcher LLP, Washington, DC, Counsel for Petitioners.

Ira M. Press, Edward M. Varga, III, Kirby Mclnerney LLP, New York, New York, David C. Frederick, Counsel of Record, Brendan J. Crimmins, Kiran S. Raj, Kellogg, Huber, Hansen, Todd, Evans & Figel, P.L.L.C., Washington, DC, for Respondent.

Justice THOMAS, J., delivered the opinion of the Court.

This case requires us to determine whether Janus Capital Management LLC (JCM), a mutual fund investment adviser, can be held liable 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 securities. 17...

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