The U.S. Solicitor General missed a midnight deadline to file an amicus brief supporting investors who want to hold third parties directly liable for helping commit accounting fraud.
The missed deadline indicates disagreement within the government over the issue of third-party liability, the Wall Street Journal reports (sub. req.). The Securities and Exchange Commission had asked the Justice Department to file the brief.
The Supreme Court case seeks to hold third parties liable as “primary violators” for joining in transactions that allegedly helped a cable TV company inflate its financial picture.
Jun 12, 2007 7:48 PM CDT