In the first two installments, I expositedJanus Capital Group, Inc. v. First Derivative Traders, 564 U.S. 135 (2011), andLorenzo v. S.E.C., 587 U.S. ___, 139 S.
Rule 10b-5 Liability: The Second Circuit and 'Rio Tinto'
Part Three of a Three-Part Article The first two installments exposited Janus Capital Group, Inc. v. First Derivative Traders and Lorenzo v. S.E.C., both essential to understanding S.E.C. v. Rio Tinto, the Second Circuit's most recent holding regarding Rule 10b-5 "scheme" liability. Now we examine how the "Mother Court" of federal securities law has tended to that branch of the mighty judicial oak rooted in that venerable regulation.

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