The Supreme Court dealt a new blow today to investors suing companies over accusations of fraud when it set a higher standard to prevent the lawsuits from being dismissed.
The decision was the second this week by the court that was a defeat for shareholders and a victory for the defendant companies. On Monday, the justices ruled that securities underwriters on Wall Street are generally immune from civil antitrust lawsuits.
That's right, SCOTUS has once again signaled that a corporate "person hood" is more important than an individual person. So if you are a shiftless executive who has cooked the books to convince investors to continue to invest in your failing company, you can rest easy tonight, knowing that SCOTUS is on your side. If your a poor SOB who has had his life savings stolen by such a company, your just going to have to tough it out, quit your whining and plan to retire sometime around age 85. Or to paraphrase a friend of mine " I am making progress, now I am only going to have to work one month past the day I die."
Just remember, rob a convenience store and you go to jail. Rob thousands of people of hundreds of millions of dollars and you can retire as a successful captain of industry and our Government will protect you from prosecution.
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