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Fund Times

Supreme Court Sides With Janus

Stock owners disgruntled over market-timing losses can't go after Janus.


 Janus Capital Group (JNS), the investment advisor to the Janus mutual fund family, cannot be held liable for false statements found in a Janus mutual fund prospectus around the time of the 2003 mutual fund market-timing scandal, according to a Supreme Court decision handed down Monday.

In a 5-4 opinion written by Justice Clarence Thomas, the court said the company couldn't be held liable because the statements in the prospectuses were made by Janus Investment Fund, not by Janus Capital Management LLC.

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Ryan Leggio does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.