July 17, 2007
Former SEC Commissioners Support Plaintiffs in Scheme Liability Case
Three former SEC Commissioners have filed a brief with the Supreme Court, asking permission to file a brief on behalf of plaintiffs in the Charter Communications case involving "scheme liability" under rule 10b-5. Last month the U.S. Solicitor General did not file a brief on behalf of the plaintiff-investors, as the SEC requested. Treasury Secretary Paulson opposed the SEC's position, and President Bush agreed with the Treasury Secretary. It remains to be seen whether the Solicitor General will file a brief in support of the defendant's position. The former SEC Commissioners are represented by NYU Professor Arthur Miller. See WPost, Former SEC Officials Enter Securities Case.
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