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Ex-SEC Chairs Back Investor Suit

Posted Jul 17, 2007 10:48 AM CDT
By Debra Cassens Weiss

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Two former chairmen of the Securities and Exchange Commission want to file a late brief in a U.S. Supreme Court case seeking to hold third parties accountable for corporate accounting fraud.

Former SEC chairs William Donaldson and Arthur Levitt are among a group that asked for the extension yesterday, the Washington Post reports. They support the investor lawsuit.

"Holding liable wrongdoers who actively engage in fraudulent contact that lacks a legitimate business purpose does not hinder, but rather enhances, the integrity of our markets and our economy," their lawyers wrote in their application to file a brief.

The U.S. Solicitor General had turned down an SEC request to file a brief supporting investors in the case, Stoneridge Investment Partners v. Scientific-Atlanta Inc. (See this ABAJournal.com post for more details.)

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