High Court's 'Stoneridge' Ruling a Win for Business Defendants

In the much-awaited Stoneridge case, the Supreme Court on Tuesday handed a solid win to third-party defendants in securities litigation -- including law firms, accountants and bankers -- by shielding them from broad "scheme liability" for their tangential role in corporate fraud. The ruling, authored by Justice Anthony Kennedy, may curb what business defendants have portrayed as a relentless search by plaintiffs for alternative deep pockets in securities class actions.

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