{"id":4453,"date":"2007-06-11T19:42:32","date_gmt":"2007-06-11T19:42:32","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/06\/janus_avoids_initial_responsib"},"modified":"2022-03-28T14:07:11","modified_gmt":"2022-03-28T19:07:11","slug":"janus-avoids-initial-responsib","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/janus-avoids-initial-responsib\/","title":{"rendered":"Janus Avoids Responsibility to Mutual Fund Shareholders for Alleged Role in Widespread Market Timing Scandal"},"content":{"rendered":"

\t\t\t\tShareholders of mutual funds Janus Capital Group may not pursue a class action claim that the company violated federal securities laws by permitting hedge funds to engage in market timing with the shares of mutual funds operated by Janus, the U.S. District Court for the District of Maryland ruled.<\/p>\n

In recent years, the U.S. Congress has been persuaded to limit class actions involving securities only to claims under federal securities laws. Meanwhile, federal securities claims are limited to misrepresentations and omissions in the purchase and sale of securities and do not, for example, include claims for actions which are simply fraudulent or negligent. Furthermore, courts have decided that no one can be held liable for assisting, or “aiding or abetting”, others in violating federal securities law. Such limitations enabled Janus avoid its responsibility and have the class action against it dismissed.<\/p>\n

In their complaint, the plaintiffs, purchasers of Janus Group stock, alleged that the Janus Funds misstated in their fund prospectuses their policies regarding market timing and late trading.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Shareholders of mutual funds Janus Capital Group may not pursue a class action claim that the company violated federal securities laws by permitting hedge funds to engage in market timing with the shares of mutual funds operated by Janus, the U.S. District Court for the District of Maryland ruled. 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