On Monday, the said that it would hear an appeal by Janus Capital Group of a ruling that reinstated a securities class action lawsuit against the company, Reuters reports.
The underlying lawsuit alleged that the prospectuses of several of Janus funds created the misleading impression that the company would adopt measures to curb market timing, when in fact secret arrangements with several hedge funds permitted such transactions, to the detriment of long-term investors.
The case was dismissed by the district court, but a U.S. appeals court ruled it could proceed.
Reuters: U.S. High Court to Hear Janus Appeal In Securities Case
