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.

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Statements (46)

Predicate Object
instanceOf United States Supreme Court case ⓘ
securities law case ⓘ
citation 552 U.S. 148 ⓘ
concurrence Clarence Thomas ⓘ
country United States ⓘ
court Supreme Court of the United States ⓘ
decisionDate 2008-01-15 ⓘ
decisionType precedential opinion ⓘ
defendantType corporate vendors ⓘ
dissentingJustices David H. Souter ⓘ
John Paul Stevens ⓘ
Ruth Bader Ginsburg ⓘ
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 ⓘ
lowerCourtDisposition affirmed ⓘ
majorityJustices Anthony M. Kennedy ⓘ
Antonin Scalia ⓘ
Clarence Thomas ⓘ
John G. Roberts, Jr. ⓘ
linked to: John G. Roberts Jr.

Samuel A. Alito, Jr. ⓘ
linked to: Samuel A. Alito Jr.
majorityOpinionBy Anthony M. Kennedy ⓘ
petitioner Stoneridge Investment Partners, LLC ⓘ
plaintiffType institutional investor ⓘ
proceduralPosture appeal from the Eighth Circuit in a securities fraud class action ⓘ
relatedCase Basic Inc. v. Levinson ⓘ
Central Bank of Denver v. First Interstate Bank of Denver ⓘ
Tellabs, Inc. v. Makor Issues & Rights, Ltd. ⓘ
relatedConcept private right of action under Section 10(b) ⓘ
reliance in securities fraud ⓘ
scheme liability ⓘ
secondary actor liability ⓘ
respondent Motorola, Inc. ⓘ
linked to: Motorola

Scientific-Atlanta, Inc. ⓘ
statuteInterpreted SEC Rule 10b-5 ⓘ
linked to: Rule 10b-5

Section 10(b) of the Securities Exchange Act of 1934 ⓘ
term October Term 2007 ⓘ

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Section 10(b) of the Securities Exchange Act of 1934 → relatedCaseLaw → Stoneridge Investment Partners v. Scientific-Atlanta ⓘ