Janus Capital Group, Inc. v. First Derivative Traders — Breyer, J., Dissenting

Summary

Justice Breyer, joined by three colleagues, dissenting, argues that the majority incorrectly interpreted Rule 10b-5's prohibition on making false statements to require 'ultimate authority' over content. He contends management companies can 'make' statements without such authority and that the complaint's allegations against Janus Management were legally sufficient.