Conyers Criticizes 'Stoneridge' Ruling
House Judiciary Committee Chairman John Conyers responded to the Supreme Court's decision in the high-profile securities law case known as Stoneridge Investment v. Scientific Atlanta on Tuesday, calling the justices' majority opinion "wrong-headed."
In the 5-3 decision, the court found that investors seeking relief from third parties in corporate fraud cases cannot bring private lawsuits unless their investment decisions specifically relied on the "deceptive acts" of those parties. Read more about the case here.
"This is a sad day for those who believe perpetrators of fraud should be held accountable under the law to their victims," the Michigan Democrat said in a statement. Conyers said he was "particularly saddened" that the court ruled "without the benefit of hearing from the Solicitor General, who had been urged by SEC Chairman [Christopher] Cox to intervene on the side of the defrauded investors."
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