In today's Wall Street Journal, SEC Commissioner Paul Atkins is yet another voice warning about the dangers of a reversal in Stoneridge v. Scientific-Atlanta. John Engler weighs in at USA Today. In the Legal Times, Richard Booth correctly asks who really gains from the alleged Stoneridge fraud.
Warren Richey has a fair overview of the facts in today's Christian Science Monitor, and Kara Scannell in the Wall Street Journal covers Bill Lerach's lobbying campaign. And, interestingly, Roger Parloff, who previously called for reversal, has changed his mind:
These issues were decided in 1994, and Congress has twice consciously chosen not to overrule the part of that Court decision that barred private suits against aiders and abettors, which is what Scientific-Atlanta and Motorola really were (if anything) here. Congress decided � reasonably � that shareholder litigation is so fraught with abuse, and is such a grotesquely inefficient and ineffective way of reimbursing fraud victims, that it was wiser to leave the deterrence and punishment of aiders and abettors to the SEC and federal prosecutors.