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http://ssrn.com/abstract=1942748
 
 

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The Make Believe of Janus - A Brief Case Comment Examining Janus Capital Group, Inc. v. First Derivative Traders


Edward Pekarek


Pace Law School

Genavieve Shingle


Pace Law School

October 12, 2011

New York State Bar Assoc. Securities Litigation and Arbitration, Forthcoming

Abstract:     
Rule 10b-5 prohibits 'making any untrue statement of a material fact' in connection with the purchase or sale of securities. The critical question considered by the Janus Court was how the term 'make' in Rule 10b-5 should be construed. The SEC contended that 'make' is synonymous with 'create,' which would allow it (and private plaintiffs) to assert a claim against one who provides false or misleading material information to another, who later includes it in a statement. However, the Court rejected this definition and found the phrase at issue in Rule 10b-5, 'to make . . . any statement,' to be the approximate equivalent of 'to state.'

Number of Pages in PDF File: 12

Keywords: SEC, 10b-5, Janus, Supreme Court, speech, first amendment, libel, Lanham Act, Dodd-Frank, false advertising, securities, DMCA 512, CDA 230, Pekarek

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Date posted: October 13, 2011 ; Last revised: April 11, 2012

Suggested Citation

Pekarek, Edward and Shingle, Genavieve, The Make Believe of Janus - A Brief Case Comment Examining Janus Capital Group, Inc. v. First Derivative Traders (October 12, 2011). New York State Bar Assoc. Securities Litigation and Arbitration, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1942748 or http://dx.doi.org/10.2139/ssrn.1942748

Contact Information

Edward Pekarek (Contact Author)
Pace Law School ( email )
80 North Broadway
White Plains, NY 10603
United States
HOME PAGE: http://www.pace.edu/page.cfm?doc_id=31582
Genavieve Shingle
Pace Law School ( email )
78 North Broadway
White Plains, NY 10603
United States
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