January 15, 2008 U.S. Supreme Court Opinion
On January 15, 2008, the Court issued one opinion:
In Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc., a 5-3 decision, the court held that the private right of action under 10(b) of the Securities Exchange Act of 1934 does not reach defendants who made no statements or representations upon which an investor relied. This decision resolves the question of whether there is a cause of action for aiding and abetting a securities fraud claim under the Act. There is not.
Kennedy wrote for the majority. Stevens, Souter and Ginsberg dissented. Breyer recused.
