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Business Associations Keyed to Coffee, 9th Ed.
Janus Capital Group, Inc. v. First Derivative Traders
Citation:
564 U.S. 135 (2011)Facts
Janus Capital Group (JCG) created the Janus family of mutual funds, organized as a Massachusetts business trust called Janus Investment Fund. JCG’s wholly owned subsidiary, Janus Capital Management (JCM), served as the investment adviser and administrator to the Fund. Although JCG created the Fund, it was a legally separate entity owned entirely by mutual fund investors, with its own board of trustees. The Fund’s prospectuses represented that the funds were not suitable for market timing and suggested that JCM would implement policies to curb the practice. In September 2003, the New York Attorney General filed a complaint alleging that JCG entered into secret arrangements to permit market timing in several funds run by JCM. After these allegations became public, investors withdrew significant amounts from the Janus funds, causing JCG’s stock price to fall nearly 25%. First Derivative Traders, representing JCG stockholders, filed a private action under Rule 10b-5, alleging that JCG and JCM caused mutual fund prospectuses to be issued with misleading statements about market timing policies.
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