Biggest securities court clash in generation ruling
On January 15, in Stoneridge Investment Partners v Scientific Atlanta, Inc, a case argued by Mayer Brown US partner Stephen Shapiro and previously described by the Wall Street Journal as "the biggest securities-litigation court clash in a generation", the US Supreme Court affirmed that "secondary" parties (for example, investment banks, law firms, vendors and suppliers) will not face liability under Section 10(b) of the Securities Exchange Act 1934 in respect of claims brought by investors, except in rare instances.