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The U.S. Supreme Court sharply limited the reach of stock fraud cases today and shielded bankers and other businesses from being held liable for participating in a scheme to inflate a company's stock.
The case of Stoneridge Investment Partners vs. Scientific-Atlanta Inc. arose after Charter Communications, a St. Louis-based cable TV company, was sued for fraud after its stock price plummeted. After it settled claims, investors led by Stoneridge sued Scientific-Atlanta, a supplier of cable boxes that allegedly participated in a scheme with Charter to inflate its revenue.
In today's decision, the high court said that even if it is true that Scientific-Atlanta knowingly helped Charter inflate its revenue, it is not liable to those who bought or sold Charter's stock.
Scientific-Atlanta "had no duty to disclose" its dealings to the public, Justice Anthony M. Kennedy said, and "their deceptive acts were not communicated to the public," he said.
Originally posted by St Udio
reply to post by JacKatMtn
what a smoke-screen...'Had no duty to disclose..."
that is unless the perps are the elite execs that the federal reserve is
bending-over-backwards to bail-out in the credit market & bogus toxic paper schemes the economy is relling over right now.