Michael D. Trager

Supreme Court Limits Scope of Rule 10b-5 “Maker” Liability
John A. Freedman,Richard L. Jacobson,Scott B. Schreiber,James W. Thomas,Michael D. Trager, June 17, 2011
On June 13, 2011, in Janus Capital Group, Inc, et al. v. First Derivative Traders, No. 09-525, a divided Supreme Court held 5-4 that only the speaker to which a statement is specifically attributed can be liable for purposes of Securities and Exchange Commission (SEC) Rule 10b-5. The majority...

The Supreme Court Rejects Fifth Circuit’s Loss Causation Test as a Prerequisite to Obtaining Class Certification in Section 10(b) Cases
John A. Freedman,Kavita Kumar Puri,Scott B. Schreiber,James W. Thomas,Michael D. Trager, June 8, 2011
On June 6, 2011, in Erica P. John Fund, Inc. v. Halliburton Co., the Supreme Court unanimously held that plaintiffs do not need to prove loss causation at the class certification stage of a securities fraud litigation. In a short opinion by Chief Justice Roberts, the Supreme Court rejected the...

SEC Approves Final Rules for Implementation of Dodd-Frank Whistleblower Program
Elizabeth J. Betta,John A. Freedman,Drew A. Harker,Matthew D. Keiser,Scott B. Schreiber,Richard P. Swanson,Michael D. Trager, May 31, 2011
Employers subject to the regulations of the Securities and Exchange Commission (SEC) should be aware that on May 25, 2011, the SEC, by a 3-2 party-line vote, approved final rules to implement the whistleblower program established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection...