Decided
Janus Capital Group, Inc. v. First Derivative Traders
Holding
Because the petitioner, a mutual fund investment adviser, did not make the false statements included in the mutual fund prospectuses of its clients, it cannot be held liable in a private action under SEC Rule 10b5, which prohibits mak[ing] any untrue statement of fact? in connection with the purchase or sale of securities, for its role in preparing those prospectuses.
Plain English Holding
Investment advisors to a mutual fund cannot be sued under federal securities law for false statements made by the fund they advised.
Judgment
Reversed, 5-4, in an opinion by Clarence Thomas on Jun 13, 2011. Justice Breyer filed a dissenting opinion, which Justices Ginsburg, Sotomayor, and Kagan joined.
Merits Briefs
- Brief for Petitioner Janus Capital Group
- Brief for Respondent First Derivative Traders
- Reply Brief for Petitioner Janus Capital Group
Amicus Briefs
- Brief for the Securities Industries and Financial Markets Association in Support of Petitioner
- Brief for the Center for Audit Quality in Support of Neither Party
- Brief for Attorneys’ Liability Assurance Society, Inc., a Risk Retention Group in Support of Petitioner
- Brief for G. Eric Brunstad, Jr., Robert W. Helm, and Jane A. Kanter in Support of Petitioner
- Brief for the New York State Common Retirement Fund, New York City Employees Retirement System, Board of Education Retirement System of the City of New York, New York Fire Department Pension Fund, New York City Police Pension Fund, and Teachers Retirement System of the City of New York, in Support of Respondent
- Brief for the Council of Institutional Investors in Support of Respondent
- Brief for Employees’ Retirement System of Government of the Virgin Islands in Support of Respondent
- Brief for Law Professors William A. Birdthistle, Tamar Frankel, Lyman P.Q. Johnson, Donald C. Langevoort, and Manning G. Warren III in Support of Respondent
- Brief for John P. Freeman and James D. Cox in Support of Respondent
- Brief for AARP and the North American Securities Administrators Association, Inc., in Support of Respondent
- Brief for the United States of America in Support of Respondent
- Brief for the Chamber of Commerce in Support of Petitioner
Certiorari-Stage Documents
- Opinion below (4th Circuit)
- Petition for Certiorari (unavailable)
- Respondent’s brief (unavailable)
- Petitioners’ reply (unavailable)
- Amicus brief of the United States (deny)
- Supplemental brief for petitioners (unavailable)
Related Coverage
Jul 23, 2009Application (09A95) to extend the time to file a petition for a writ of certiorari from August 31, 2009 to September 30, 2009, submitted to The Chief Justice.
Jul 24, 2009Application (09A95) granted by The Chief Justice extending the time to file until September 30, 2009.
Sep 4, 2009Application (09A95) to extend further the time from September 30, 2009 to October 30, 2009, submitted to The Chief Justice.
Sep 8, 2009Application (09A95) granted by The Chief Justice extending the time to file until October 30, 2009.
Oct 30, 2009Petition for a writ of certiorari filed. (Response due December 2, 2009)
Dec 2, 2009Brief of respondent First Derivative Traders in opposition filed.
Dec 16, 2009DISTRIBUTED for Conference of January 8, 2010.
Dec 17, 2009Reply of petitioners Janus Capital Group, Inc., et al. filed. (Distributed)
Jan 11, 2010The Solicitor General is invited to file a brief in this case expressing the views of the United States.
May 19, 2010Brief amicus curiae of United States filed.
Jun 1, 2010DISTRIBUTED for Conference of June 17, 2010.
Jun 1, 2010Supplemental brief of petitioners Janus Capital Group, Inc., et al. filed. (Distributed)
Jun 21, 2010DISTRIBUTED for Conference of June 24, 2010.
Jun 28, 2010Petition GRANTED.
Jul 14, 2010The time within which to file the joint appendix and petitioners' brief on the merits is extended to and including September 3, 2010.
Jul 14, 2010The time within which to file respondent's brief on the merits is extended to and including October 26, 2010.
Jul 14, 2010Counsel for petitioners agrees to file any reply brief on the merits on or before November 19, 2010.
Jul 16, 2010Consent to the filing of amicus briefs, in support of either party or of neither party, received from counsel for the petitioners.
Aug 31, 2010Consent to the filing of amicus briefs, in support of either party or of neither party, received from counsel for the respondent.
Sep 3, 2010Joint appendix filed. (Statement of costs filed)
Sep 3, 2010Brief of petitioners Janus Capital Group, Inc., et al. filed.
Sep 7, 2010SET FOR ARGUMENT ON Tuesday, December 7, 2010.
Sep 10, 2010Brief amicus curiae of Center for Audit Quality in support of neither party filed.
Sep 10, 2010Brief amicus curiae of Securities Industry and Financial Markets Association filed.
Sep 10, 2010Brief amici curiae of G. Eric Brunstad, Jr., Robert W. Helm, and Jane A. Kanter filed.
Sep 10, 2010Brief amicus curiae of Chamber of Commerce of the United States of America filed.
Sep 10, 2010Brief amicus curiae of Attorneys' Liability Assurance Society, Inc., A Risk Retention Group filed.
Sep 27, 2010Record received from Court of Appeals for 4th Circuit. (1 envelope) (There are sealed documents in this record.)
Oct 8, 2010CIRCULATED
Oct 26, 2010Brief of respondent First Derivative Traders filed. (Distributed)
Nov 2, 2010Brief amici curiae of AARP and North American Securities Administrators Association, Inc. filed. (Distributed)
Nov 2, 2010Brief amicus curiae of United States filed. (Distributed)
Nov 2, 2010Brief amici curiae of Law Professors William A. Birdthistle, et al. filed. (Distributed)
Nov 2, 2010Brief amici curiae of John P. Freeman and James D. Cox filed. (Distributed)
Nov 2, 2010Motion of the Acting Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed.
Nov 2, 2010Brief amicus curiae of Council of Institutional Investors filed. (Distributed)
Nov 2, 2010Brief amicus curiae of Employees' Retirement System of the Government of the Virgin Islands filed. (Distributed)
Nov 2, 2010Brief amici curiae of New York State Common Retirement Fund, et al. filed. (Distributed).
Nov 15, 2010Record for the U.S.D.C. for District of Maryland is electronic.
Nov 19, 2010Reply of petitioners Janus Capital Group, Inc., et al. filed. (Distributed)
Nov 23, 2010Motion of the Acting Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED.
Dec 7, 2010Argued. For petitioners: Mark A. Perry, Washington, D. C. For respondent: David C. Frederick, Washington, D. C.; and Curtis E. Gannon, Assistant to the Solicitor General, Department of Justice, Washington, D. C. (for United States, as amicus curiae.)
Jun 13, 2011Judgment REVERSED. Thomas, J., delivered the opinion of the Court, in which Roberts, C. J., and Scalia, Kennedy, and Alito, JJ., joined. Breyer, J., filed a dissenting opinion, in which Ginsburg, Sotomayor, and Kagan, JJ., joined.
Jul 15, 2011JUDGMENT ISSUED.
Jul 27, 2011Record returned to U.S.C.A. for 4th Circuit.
Recommended Citation: Janus Capital Group, Inc. v. First Derivative Traders, SCOTUSblog, https://www.scotusblog.com/cases/janus-capital-group-inc-v-first-derivative-traders/