Before: Cabranes and Parker, C.JJ. and Amon, D.J.**

Decided: April 27; 09-1619-cv

JAMES J. SABELLA (Stuart M. Grant, Brenda F. Szydlo, Megan D. McIntyre, and Christine M. Mackintosh, on the brief), Grant & Eisenhoffer P.A., New York, NY, and Wilmington, DE, for plaintiff-appellant Pacific Investment Management Company LLC.

John P. Coffey (Salvatore J. Graziano, John C. Browne, Elliott Weiss, Ann M. Lipton, and Jeremy P. Robinson, on the brief), Bernstein Litowitz Berger & Grossmann LLP, New York, NY, for plaintiff-appellant RH Capital Associates LLC.

JOHN K. VILLA (George A. Borden and Craig D. Singer, on the brief), Williams & Connolly LLP, Washington, DC, for defendant-appellee Mayer Brown LLP.

William J. Schwartz (Jonathan P. Bach and Kathleen E. Cassidy, on the brief), Cooley Godward Kronish LLP, New York, NY, for defendant-appellee Joseph P. Collins.

Christopher Paik, Special Counsel (David M. Becker, General Counsel, and Jacob H. Stillman, Solicitor, on the brief), Securities and Exchange Commission, Washington, DC, for amicus curiae the Securities and Exchange Commission.

David M. Cooper (Donald B. Ayer and Peter J. Romatowski, on the brief), Jones Day, New York, NY, and Washington, DC, for amicus curiae Law Firms in support of appellees.

Erik S. Jaffe, Erik S. Jaffe, P.C., Washington, DC, for amicus curiae former SEC Commissioners and Officials, Law and Finance Professors, and Securities Law Practitioners in support of appellees.

Lucian T. Pera (Brian S. Faughnan, on the brief), Adams and Reese, LLP, Memphis, TN (Susan Hackett, Senior Vice President and General Counsel, Association of Corporate Counsel, Washington, DC, on the brief), for amicus curiae Association of Corporate Counsel in support of appellees.

Gary A. Orseck (Lawrence S. Robbins, Roy T. Englert, Alan E. Untereiner, Katherine S. Zecca, and Damon W. Taaffe, on the brief), Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, Washington, DC (Robin S. Conrad and Amar D. Sarwal, National Chamber Litigation Center, Washington, DC, on the brief), for amicus curiae Chamber of Commerce of the United States of America in support of appellees.