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Click here to find out moreDigital Realty Trust. Cyan and Lucia defined key securities law issues regarding whistleblowers, class actions and perhaps the future of government administrative enforcement actions. While the Supreme Court has only agreed to hear one securities case to date in the coming term, it has the potential to be a blockbuster: Lorenzo will consider the long simmering question about what constitutes scheme liability and whether the SEC can use the theory to evade Janus on false statements and perhaps wipe out the distinction between primary and secondary liability. If Judge Kaveanaugh from the D.C. Circuit is confirmed the case may be more interesting he wrote the dissent in Lorenzo in the D.C. circuit which is highly critical of the SECs position.
