Janus Capital Group Inc. v. First Derivative Traders

Janus Capital Group Inc. v. First Derivative Traders is a Supreme Court case that clarified who can be held responsible for false statements in securities fraud. The Court ruled that only those who actually make or create and deliver the false statements (like those drafting and distributing them) can be held liable under federal law. In this case, Janus Capital Group wasn't responsible for the misleading statements because the individuals who made the claims on behalf of Janus didn't qualify as "makers" of the false statements. The decision emphasizes the importance of direct involvement in creating misleading information for liability.