John C. Coffee Jr., the Adolf A. Berle Professor of Law at Columbia University Law School and director of its Center on Corporate Governance, writes: The result in Janus Capital, where a five justice majority selectively combed dictionaries to give the narrowest possible construction to the term "maker" for purposes of Rule 10b-5, may be narrower than it first appears and may differ only marginally from existing law. More importantly, if the SEC truly wanted to nullify the impact of Janus Capital, it could do so easily (at least within the context of mutual funds).
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Corporate Update
U.S. Supreme Court and Securities Litigation
New York Law Journal
July 21, 2011
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