U.S. Supreme Court

Case Status


Docket Number


2018 Term

Oral Argument Date

December 03, 2018


Questions Presented

Whether a misstatement claim that does not meet the elements set forth in Janus Capital Group, Inc. v. First Derivative Traders can be repackaged and pursued as a fraudulent scheme claim. The Circuits have split 3-2 on this question.

Case Updates

U.S. Supreme Court holds that individuals who disseminate false or misleading statements to potential investors with the intent to defraud may be charged with violating subsections (a) and (c) of SEC Rule 10b-5

March 27, 2019

Click here to view the opinion.

U.S. Chamber files merits stage amicus brief arguing Supreme Court should reverse D.C. Circuit judgment permitting Rule 10b-5 liability

August 27, 2018

Click here to view the brief filed by the U.S. Chamber and Securities Industry and Financial Markets Association.

Daniel A. McLaughlin, Carter G. Phillips, Kwaku A. Akowuah, and Kurt A. Johnson of Sidley Austin LLP served as co-counsel for the U.S. Chamber of Commerce on behalf of the U.S. Chamber Litigation Center.

Case Documents