![]() ![]() ![]() The majority opinion noted that the private right of action under section 10(b) is created by the courts, not by statute. The Supreme Court ruled five to three that plaintiffs cannot bring private lawsuits against third parties in corporate-fraud cases unless they relied on actions by those parties when making investment decisions. Scientific-Atlanta, Inc., 1 which decided the extent of primary liability in securities litigation under the Securities Exchange Act of 1934. Shareholders had quite a victory this past Tuesday when the Supreme Court handed down Stoneridge Investment Partners LLC v. I very much appreciate your invitation to visit the Dallas Chapter of the Federalist Society and speak about the increasing pressure that is being brought to bear on the centuries-old attorney-client privilege by agencies of the Federal government.īut before we leap right into the attorney-client privilege controversy, we should first celebrate something that the Government got right. Before I get started, I need to satisfy my own compliance people and tell you that the comments that I am about to make are my own and do not necessarily reflect official SEC policy or the opinions of my fellow Commissioners. It is an honor and privilege to be here today with you and the Dallas Lawyers' Chapter of the Federalist Society. Thank you, Dan, for that kind introduction. Securities and Exchange Commission Dallas, Texas Remarks at the Federalist Society Lawyers' Chapter of Dallas, Texas by Commissioner Paul S. SEC Speech: Remarks at the Federalist Society Lawyers' Chapter of Dallas, Texas
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