Page:Amicus brief - Stoneridge v Scientific-Atlanta - Chamber of Commerce of the United States of America.pdf/2

 TABLE OF CONTENTS Page TABLE OF AUTHORITIES ...........................................

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INTEREST OF AMICUS CURIAE..................................

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INTRODUCTION AND SUMMARY OF ARGUMENT ..........................................................................

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ARGUMENT...................................................................

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I. “SCHEME” LIABILITY IS IMPROPERLY DERIVATIVE AND UNWORKABLE..................

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A. Like Aiding-And-Abetting, “Scheme” Liability Is Derivative Of The Issuer’s Conduct..........

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B. Scheme Liability Is Unworkable And Uncertain .................................................................

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C. Deceptive Conduct By A Commercial Counterparty Requires A Duty To Disclose.......

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II. THE IMPLIED CAUSE OF ACTION UNDER § 10(b) SHOULD NOT BE EXTENDED TO ENCOMPASS “SCHEME” LIABILITY ...............

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A. “Scheme” Liability Would Nullify Statutory Restrictions On The Express Private Rights Of Action In The 1933 And 1934 Acts....................

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B. “Scheme” Liability Would Nullify Statutory Provisions Intended To Be Enforceable Only By The Government ...........................................

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C. “Scheme” Liability Cannot Be Reconciled With The Elements Of Primary Liability In A § 10(b) Cause Of Action.....................................

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1. “Scheme” Liability Is Incompatible With Central Bank’s Reliance Requirement ..........

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(i)