Plaintiffs sued Janus in 2003 after the company’s shares dropped amid the market-timing scandal that snared Janus and other mutual-fund companies. Janus, which settled with federal and state regulators in 2004 (see http://www.plansponsor.com/Janus_Paying_$31_5_Million_For_Market-Timing_Activities.aspx Janus Paying $31.5 Million For Market-Timing Activities), argued the securities lawsuit had major legal shortcomings and should be dismissed.
The court will take up the case during its next term, which begins in October, according to the news report.
The case is Janus Capital Group v. First Derivative Traders, 09-525.