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On October 9, 2007, the Supreme Court will hear oral argument in Stoneridge v. Scientific-Atlanta, a case that many are calling the most important securities case in years. The Eighth Circuit Court of Appeals dismissed a class action suit against third-party vendors (in this case Motorola and Scientific-Atlanta) that plaintiffs sought to hold liable for transactions misreported by one of their customers, cable television company Charter Communications, thus rejecting the plaintiffs’ theory of “scheme liability”--that is, holding secondary parties liable for their alleged role in aiding and abetting securities fraud. The theory of secondary liability and the case have been hotly debated, with thirty parties--including the federal government, congressmen, and several former Securities and Exchange Commission (SEC) commissioners--filing “friend of the court” briefs on both sides. The decision will have implications for the future of securities litigation, including the pending multi-billion dollar Enron securities litigation appeal before the Supreme Court.
At this AEI event, just days before the Supreme Court’s hearings, former SEC Chairman Harvey Pitt, Louis M. Bograd of the Center for Constitutional Litigation, Jonathan Cuneo of Cuneo Gilbert and LaDuca, Robert Gasaway of Kirkland & Ellis, and AEI Legal Center director Theodore H. Frank will discuss the possible legal and policy implications of this case. Michael S. Greve, the John G. Searle Scholar at AEI, will moderate.
For further information about the AEI Legal Center, including obtaining CLE credits, please visit www.aeilegalcenter.org.
