Scheme Liability, Section 10(b), and Stoneridge Investment Partners v. Scientific Atlanta

This symposium is co-sponsored by the Federalist Society's Litigation Practice Group and its Corporations, Securities, & Antitrust Practice Group as well as by the Case Western Reserve University School of Law.

On October 9, the U.S. Supreme Court heard Stoneridge Investment Partners v. Scientific-Atlanta, arguably the most important securities law case to reach the Court in a decade. In Stoneridge, the Court will consider whether primary liability under Section 10(b) extends to third-parties, such as auditors, attorneys, or vendors, who engage in allegedly fraudulent transactions with a public corporation.

In Central Bank of Denver v. First Interstate Bank of Denver (1994), a divided Supreme Court rejected claims of secondary liability under Section 10(b). Stoneridge calls upon the court to revisit Central Bank and reconsider the limits on liability for third-parties in securities litigation.

This case is of tremendous importance to all those with a corporate law or securities practice, as well as those who work with financial services or retirement and pension funds. Numerous trade associations and thirty states, including Ohio, have already participated in the case as amici, with more to follow.

8:45 a.m. - 9:00 a.m.
Welcome and Opening Remarks 

  • Prof. Jonathan H. Adler, Director, Center for Business Law and Regulation, Case Western Reserve University School of Law
  • Dean Reuter, Director of Practice Groups, the Federalist Society

9:00 a.m. - 10:15 a.m.
Panel One – Scheme Liability under Section 10(b)  

  • Prof. Richard W. Painter, S. Walter Richey Professor in Corporate Law, University of Minnesota Law School
  • Prof. J. Robert Brown, Jr., University of Denver Sturm College of Law
  • Prof. Barbara Black, Charles Hartsock Professor of Law, University of Cincinnati College of Law
  • Larry J. Obhof, Associate, Kirkland & Ellis LLP - Moderator

10:30 a.m. - 11:45 a.m.
Panel Two – The Costs & Benefits of Scheme Liability 

  • Prof. Stephen M. Bainbridge, William D. Warren Professor of Law, University of California, Los Angeles, School of Law 
  • James R. Copland, Director, Center for Legal Policy, Manhattan Institute for Policy Research
  • Andrea Seidt, Deputy Chief Counsel, Office of the Ohio Attorney General Marc Dann
  • Prof. Craig Boise, Associate Professor and Associate Director, Center for Business Law and Regulation, Case Western Reserve University School of Law - Moderator

12:15 p.m. - 1:30 p.m.
Debate – Stoneridge v. Scientific-Atlanta 

  • Eric Alan Isaacson, Partner, Coughlin Stoia Geller Rudman & Robbins LLP
  • Ashley C. Parrish, Partner, Kirkland & Ellis LLP
  • Prof. Jonathan H. Adler, Director, Center for Business Law and Regulation, Case Western Reserve University School of Law

Case Western Reserve University School of Law
Cleveland, OH