In a September 30 decision released by the United States District Court in the Southern District of New York in City of Roseville Employees’ Retirement System v. EnergySolutions, the court seized on the Supreme Court’s phrase “ultimate control” to deny a motion to dismiss a complaint seeking to hold a parent corporation liable for alleged misrepresentations in a registration statement issued by its subsidiary. In doing so, the district court has potentially created a huge exception to Janus that is inconsistent with the Supreme Court’s ruling.
‘Enforcement 40’ for 2020
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