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“Scheme Liability, Section 10(b), and Stoneridge Investment Partners v. Scientific Atlanta
Supreme Court Preview Symposium presented by the Center for Business Law and Regulation
Co-sponsored by
Corporate Law Practice Group of the Federalist Society for Law and Public Policy Studies
OCT 5, 2007
8:45 AM - 1:30 PM
Moot Courtroom (A59)

On October 9, the U.S. Supreme Court will hear 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.
Speaker Information
Among the distinguished speakers will be:

Stephen Bainbridge
William D. Warren Professor of Law University of California, Los Angeles, School of Law

Stephen BainbridgeStephen Bainbridge is the William D. Warren Professor of Law at UCLA, where he currently teaches Business Associations, Unincorporated Business Associations, and Advanced Corporation Law. In past years, he has also taught Corporate Finance, Securities Regulation, Mergers and Acquisitions, and seminars on corporate governance. Professor Bainbridge previously taught at the University of Illinois Law School (1988-1996), where the Class of 1990 gave him the "Best Instructor Award." He has also taught at Harvard Law School as the Joseph Flom Visiting Professor of Law and Business (2000-2001), La Trobe University in Melbourne (2005) and at Aoyama Gakuin University in Tokyo (1999).

Prof. Bainbridge has written over 50 law review articles, which have appeared in such leading journals as the Harvard Law Review, the Virginia Law Review, the Northwestern University Law Review, the Cornell Law Review, the Stanford Law Review and the Vanderbilt Law Review.

Prof. Bainbridge's most recent books include: Business Associations: Cases and Materials on Agency, Partnerships, and Corporations (6th ed. 2006) (with Klein and Ramseyer); Agency, Partnerships, and Limited Liability Entities: Cases and Materials on Unincorporated Business Associations (2nd ed. 2007) (with Klein and Ramseyer); Agency, Partnerships & LLCs (2004); Corporation Law and Economics (2002); Securities Law-Insider Trading (1999). Prof. Bainbridge's blog ProfessorBainbridge.com is one of the most widely read political and legal weblogs on the Internet.

J. Robert Brown, Jr.
University of Denver Sturm College of Law

J. Robert Brown, Jr.J. Robert Brown, Jr. has been teaching corporate and securities law at the University of Denver Sturm College of Law for almost two decades, with a particular emphasis on corporate governance. He has authored numerous articles and books on the subject and has been cited several times by the US Supreme Court, including a citation in Basic v. Levinson, a securities case dealing with the definition of materiality under the antifraud provisions. Prof. Brown has spent considerable time abroad advising governments on corporate governance mattes, including Russia, Armenia, Kazakhstan, and the West Bank. From 2000 - 2004, he served as the Associate Dean for Academic Affairs at the Sturm College of Law. He is an arbitrator for the NASD, a sponsor of, and active contributor to, the corporate governance blog, The Race to the Bottom (www.theracetothebottom.org) and serves as the chairman of the board of directors of the Colorado Coalition for the Homeless.

Richard W. Painter
S. Walter Richey Professor in Corporate Law University of Minnesota Law School.

Richard W. PainterRichard W. Painter received his B.A. summa cum laude in history from Harvard University and his J.D. from Yale University, where he was an editor of the Yale Journal on Regulation. Following law school, he clerked for Judge John T. Noonan, Jr., of the U.S. Court of Appeals for the Ninth Circuit and later practiced at Sullivan & Cromwell in New York City. From February 2005 to July 2007, he was Associate Counsel to the President in the White House Counsel's office, serving as the chief ethics lawyer for the President, White House employees and senior nominees to Senate confirmed positions in the Executive Branch.

Prof. Painter has also been active in law reform efforts aimed at deterring securities fraud and improving ethics of corporate managers and lawyers. A key provision of the Sarbanes-Oxley Act of 2002, requiring the SEC to issue rules of professional responsibility for securities lawyers, was based on earlier proposals he made in law review articles and to the ABA and the SEC. He has lectured widely on the Sarbanes-Oxley Act and testified before U.S. House of Representatives and U.S. Senate committees on private securities litigation and the role of attorneys in corporate governance. Prof. Painter is the author of two casebooks: Securities Litigation and Enforcement (with Margaret Sachs and Donna Nagy; West 2003; 2nd Edition forthcoming 2007) and Professional and Personal Responsibilities of the Lawyer (with Judge John T. Noonan, Jr.; Foundation 1997; 2nd Edition 2001). He has also published dozens of articles, book reviews, and essays.
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