Court blocks investors' claims against Janus
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The Supreme Court has cut off a lawsuit by investors against Janus Capital Group seeking to hold the company liable for allegedly false statements in some Janus mutual fund documents.
The court's 5-4 ruling Monday reversed an appeals court decision that allowed the lawsuit to go forward.
At issue is whether the adviser to a mutual fund can be held financially responsible for false statements in the fund's prospectus.
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Justice Clarence Thomas said that securities law does not permit that kind of lawsuit. The court was ideologically divided, with the four liberal-leaning justices saying the suit should be allowed.
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