Thursday, August 16, 2007
The U.S. Solicitor General filed an amicus brief in favor of defendants in the "scheme liability" case before the U.S. Supreme Court, Charter Communications, arguing that allowing investors to sue third parties that did not themselves make public misstatements would be a "sweeping expansion" of the law. President Bush determined that the U.S. would not follow the SEC's recommendation to file a brief in favor of the investors, but it was not clear until yesterday whether it would file a brief at all. Oral argument is set for October 9. WPost, In High Court Filing, It's U.S. vs. Investors; WSJ, Bush Sides With Business Over Lawsuits.