Friend Of Defrauders Court

Isaiah J. Poole

If you are a Wall Street investment banker, there’s new evidence that you’ve got the best Supreme Court money can buy.

Conservative Supreme Court justices did little to hide their disdain for the need to protect the interests of investors earlier this week as they heard the case of a group of stockholders seeking to recover damages from a corporation engaged in a fraud scheme designed to illicitly pump up their stock price.

As veteran Supreme Court reporter Lyle Denniston reported in ScotusBlog,

If some of Wall Street’s major players—the giant invesment houses—were looking nervously toward the Supreme Court on Tuesday morning, as they reportedly were, by midday they were entitled to take a breath and relax. As the Court concluded an hourlong hearing in a vitally important securities case, there seemed hardly a chance—even a remote one—that federal law against stock fraud would be read to give investors a significant new tool to go after stock fraud themselves.

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