This morning the U.S. Supreme Court has delivered its ruling in the securities fraud case Janus Capital Group v. First Derivatives Traders. The case is another in which investors tested boundaries between primary and secondary players who might be liable for damages in such fraud cases.

The Court, reversing a Fourth Circuit decision, held that Janus Capital Management, investment adviser and administrator of Janus Investment Fund, cannot be held liable in a private action under the SEC’s Rule 10b–5 for false statements in mutual fund prospectuses made by Janus Investment Fund.