Stoneridge Investment Partners v. Scientific-Atlanta
E590647
Stoneridge Investment Partners v. Scientific-Atlanta is a 2008 U.S. Supreme Court case that limited the scope of private securities fraud lawsuits by holding that secondary actors in a deceptive scheme are not liable under Section 10(b) unless their own conduct is directly relied upon by investors.
Statements (46)
| Predicate | Object |
|---|---|
| instanceOf |
United States Supreme Court case
ⓘ
securities law case ⓘ |
| citation | 552 U.S. 148 ⓘ |
| concurrence | Clarence Thomas NERFINISHED ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| court | Supreme Court of the United States ⓘ |
| decisionDate | 2008-01-15 ⓘ |
| decisionType | precedential opinion ⓘ |
| defendantType | corporate vendors ⓘ |
| dissentingJustices |
David H. Souter
NERFINISHED
ⓘ
John Paul Stevens NERFINISHED ⓘ Ruth Bader Ginsburg NERFINISHED ⓘ |
| docketNumber | 06-43 ⓘ |
| effect |
limited liability of vendors and business partners in private Rule 10b-5 actions
ⓘ
narrowed the scope of private securities fraud lawsuits against secondary actors ⓘ |
| holding |
Scheme liability under Section 10(b) does not extend to vendors whose deceptive acts were not disclosed to the investing public
ⓘ
Secondary actors in a deceptive scheme are not liable in private actions under Section 10(b) unless investors relied on the secondary actors’ own deceptive conduct ⓘ |
| issue | Whether secondary actors can be held liable in private securities fraud suits for participating in a deceptive scheme without making public statements relied on by investors ⓘ |
| jurisdiction | federal question jurisdiction ⓘ |
| keyRequirement | investors must show reliance on the defendant’s own deceptive conduct or statements ⓘ |
| languageOfRecord | English ⓘ |
| legalArea |
federal securities law
ⓘ
securities fraud ⓘ |
| lowerCourt | United States Court of Appeals for the Eighth Circuit NERFINISHED ⓘ |
| lowerCourtDisposition | affirmed ⓘ |
| majorityJustices |
Anthony M. Kennedy
NERFINISHED
ⓘ
Antonin Scalia NERFINISHED ⓘ Clarence Thomas NERFINISHED ⓘ John G. Roberts, Jr. NERFINISHED ⓘ Samuel A. Alito, Jr. NERFINISHED ⓘ |
| majorityOpinionBy | Anthony M. Kennedy NERFINISHED ⓘ |
| petitioner | Stoneridge Investment Partners, LLC NERFINISHED ⓘ |
| plaintiffType | institutional investor ⓘ |
| proceduralPosture | appeal from the Eighth Circuit in a securities fraud class action ⓘ |
| relatedCase |
Basic Inc. v. Levinson
NERFINISHED
ⓘ
Central Bank of Denver v. First Interstate Bank of Denver NERFINISHED ⓘ Tellabs, Inc. v. Makor Issues & Rights, Ltd. NERFINISHED ⓘ |
| relatedConcept |
private right of action under Section 10(b)
ⓘ
reliance in securities fraud ⓘ scheme liability ⓘ secondary actor liability ⓘ |
| respondent |
Motorola, Inc.
NERFINISHED
ⓘ
Scientific-Atlanta, Inc. NERFINISHED ⓘ |
| statuteInterpreted |
SEC Rule 10b-5
NERFINISHED
ⓘ
Section 10(b) of the Securities Exchange Act of 1934 NERFINISHED ⓘ |
| term | October Term 2007 ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.
Section 10(b) of the Securities Exchange Act of 1934
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Stoneridge Investment Partners v. Scientific-Atlanta
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