Janus Capital Group, Inc., et al., Petitioners v. First Derivative Traders
Decided June 13, 2011. Clarence Thomas delivered the opinion of the Court.
Docket 09-525 · 564 U.S. 135 (2011) · Cited 389 times
Holding
Because the false statements included in the prospectuses were made by Janus Investment Fund, not by JCM, JCM and JCG cannot be held liable in a private action under Rule 10b–5.
The Court’s statement of the holding, from the opinion’s syllabus. The syllabus is prepared by the Reporter of Decisions and is not part of the opinion of the Court — read the official opinion for authority.
How the Justices voted
Decided 5–4.
Majority · 5
- Clarence Thomas · delivered the opinion of the Court
- Anthony McLeod Kennedy
- Antonin Scalia
- John Glover Roberts Jr.
- Samuel A. Alito Jr.
Dissenting · 4
- Elena Kagan
- Ruth Bader Ginsburg
- Sonia Sotomayor
- Stephen Gerald Breyer · filed a dissenting opinion
“Concurring” means agreeing with the outcome; any split shown is the Court’s judgment, not each Justice’s reasoning. Source: the Supreme Court Database (Spaeth et al.), Washington University.
Precedents cited
Supreme Court decisions this opinion relies on, ordered by how often it cites each. Cases in our collection link through; others are named.
- Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc. · 552 U.S. 148 (2008)
- Central Bank of Denver, N. A. v. First Interstate Bank of Denver, N. A. · 511 U.S. 164 (1994)
- Basic Inc. v. Levinson · 485 U.S. 224 (1988)
- Herman & MacLean v. Huddleston · 459 U.S. 375 (1983)
- Superintendent of Insurance of New York v. Bankers Life & Casualty Co. · 404 U.S. 6 (1971)
- Ernst & Ernst v. Hochfelder · 425 U.S. 185 (1976)
- Blue Chip Stamps v. Manor Drug Stores · 421 U.S. 723 (1975)
- Christensen v. Harris County · 529 U.S. 576 (2000)
- United States v. Detroit Timber & Lumber Co. · 200 U.S. 321 (1906)
- Morrison v. National Australia Bank Ltd. · 561 U.S. 247 (2010)
- Piper v. Chris-Craft Industries, Inc. · 430 U.S. 1 (1977)
- Dirks v. Securities & Exchange Commission · 463 U.S. 646 (1983)
Cited by
Later Supreme Court opinions in our collection that cite this case.
- Lorenzo v. SEC. & Exch. Comm'n · 587 U.S. 71 (2019)
- Gabelli v. Securities & Exchange Commission · 568 U.S. 442 (2013)
Official text
Read the official opinion (U.S. Reports, govinfo.gov)
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Clarence Thomas’s profile · All Supreme Court opinions · The Supreme Court
Source: Supreme Court of the United States, slip opinions (2011). Citation count from the Free Law Project’s CourtListener bulk data. Data last verified 2026-07-03. Informational only; verify against the primary source before relying. Not a consumer report (FCRA).