On October 3, 2022, WLF asked the Supreme Court to review—and ultimately to overturn—a Ninth Circuit decision that drastically expands liability under federal securities law. For more than fifty years, the federal courts of appeal have uniformly held that to prove a violation of Section 11 of the Securities Act, a plaintiff first must “trace” their shares to the offering that made the alleged misrepresentations or omissions. But in a 2-1 panel decision, the Ninth Circuit swept aside that longstanding rule in favor of an expansive rule that far exceeds anything Section 11’s text can justify. In its amicus brief urging review, WLF asked the Court to intervene to ensure that the task of making law and policy is performed by Congress, not the courts. WLF’s amicus brief was drafted with the pro bono assistance of James N. Kramer and Sunny Hwang of Orrick Herrington & Sutcliffe LLP.


WLF amicus brief