The Supreme Court's highly anticipated Stoneridge case, set for oral argument today, presents the Court with an opportunity to take an important step toward making sense of securities litigation, writes law professor Richard A. Booth. In assessing scheme liability in securities fraud cases, the justices should consider whether the secondary defendants were motivated by the prospect of sharing the loot from the alleged fraud. And in Stoneridge, Booth writes, there was no loot.
In 'Stoneridge,' the Supreme Court Should Focus on Who Really Gains
October 9, 2007