'Janus' Question Raised in Cioffi Defense Will Have to Wait To Be Answered

In their defense against the SEC's fraud allegations, lawyers for former Bear Stearns' managers Ralph Cioffi and Matthew Tannin argued that some claims were barred by the Supreme Court's ruling last year in Janus Capital Group, Inc. v. First Derivative Traders. But it's unclear if the Janus ruling, which arose from a private shareholder suit, applies with equal force to an SEC enforcement action. With the apparent settlement of this case, we'll have to wait for another case to find out.

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