On June 1, 2023, the Supreme Court unanimously vacated a Ninth Circuit decision that drastically expanded the liability scope of federal securities law. The decision was welcome news for WLF, which filed an amicus brief in the case. In its amicus brief urging reversal, WLF asked the Court to ensure that the tasks of crafting public policy and amending federal law are performed by Congress, not the courts. The Supreme Court agreed, explaining in its opinion that “the Court’s function is to discern and apply existing law.” Doing just that, the Court held that the text and context of Section 11 confirm that liability “extends only to shares that are traceable to an allegedly defective registration.” WLF’s brief was drafted with pro bono assistance from James N. Kramer of Orrick Herrington & Sutcliffe LLP.


U.S. Supreme Court opinion

WLF merits-stage amicus brief

WLF cert-stage amicus brief