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Compliance June 29, 2010
High Court Revives Janus Market-Timing Suit
The U.S. Supreme Court on Monday agreed to review a lower court ruling that revived a securities class-action lawsuit against Janus Capital Group Inc, Dow Jones reports.
Reported by Rebecca Moore
Plaintiffs sued Janus in 2003 after the company’s shares dropped amid the market-timing scandal that snared Janus and other mutual-fund companies. Janus, which settled with federal and state regulators in 2004 (see http://www.plansponsor.com/Janus_Paying_$31_5_Million_For_Market-Timing_Activities.aspx Janus Paying $31.5 Million For Market-Timing Activities), argued the securities lawsuit had major legal shortcomings and should be dismissed.
The court will take up the case during its next term, which begins in October, according to the news report.
The case is Janus Capital Group v. First Derivative Traders, 09-525.