The Supreme Court Rejects "Scheme Liability" in Securities Class Actions
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On January 15, 2008, the Supreme Court issued its decision in Stoneridge Investment Partners LLC v. Scientific-Atlanta, Inc., a case heralded by commentators as the “most important securities case in decades.” The five-to-three Stoneridge majority rejected a theory of “scheme liability” that would have greatly expanded the universe of potential class action defendants....