Scheme Liability, Section 10(b), and Stoneridge Investment Partners v. Scientific Atlanta (3 of 3)

October 5, 2007
Speakers: Moderator: Prof. Jonathan H. Adler, Case Western Reserve University School of Law
Eric Alan Isaacson, Partner, Coughlin Stoia Geller Rudman & Robbins LLP
Ashley C. Parrish, Partner, Kirkland & Ellis LLP
Presented by: the Center for Business Law and Regulation
Cosponsored by: Corporate Law Practice Group of the Federalist Society for Law and Public Policy Studies

Summary: Supreme Court Preview Symposium
Debate Stoneridge v. Scientific-Atlanta

On October 9, the U.S. Supreme Court will hear Stoneridge Investment Partners v. Scientific-Atlanta, arguably the most important securities law case to reach the Court in a decade. In Stoneridge, the Court will consider whether primary liability under Section 10(b) extends to third-parties, such as auditors, attorneys, or vendors, who engage in allegedly fraudulent transactions with a public corporation.

In Central Bank of Denver v. First Interstate Bank of Denver (1994), a divided Supreme Court rejected claims of secondary liability under Section 10(b). Stoneridge calls upon the court to revisit Central Bank and reconsider the limits on liability for third-parties in securities litigation.

This case is of tremendous importance to all those with a corporate law or securities practice, as well as those who work with financial services or retirement and pension funds. Numerous trade associations and thirty states, including Ohio, have already participated in the case as amici, with more to follow.

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Education

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