Several trade groups are rushing to the defense of Janus [see profile] as the mutual fund firm prepares to make a case before the U.S. Supreme Court. On Friday the Securities Industry and Financial Markets Association, a trade group for broker-dealers, filed a friend of the court brief urging the Supreme Court to toss the lawsuit, and InvestmentNews' Jessica Toonkel reports that the U.S. Chamber of Commerce, the Center for Audit Quality, the Liability Assurance Society and the law firm Dechert also filed briefs supporting Janus.

The case, Janus Capital Group v. First Derivative Traders, involves Janus shareholders -- not Janus mutual fund shareholders -- suing over its stock price fallout from the market-timing scandals in 2003. A district court tossed the suit against Janus (noting that Janus is a separate company from the mutual funds it advises), but the Fourth Circuit Court overturned that ruling. This summer the Supreme Court agreed to hear the case on December 7 (see The MFWire, 6/28/2010). 

Edited by: Neil Anderson, Managing Editor


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