Key takeaways:

• The Supreme Court, in Janus v. First Derivative Traders, has held that a mutual fund adviser cannot be held primarily liable in a private securities fraud action for helping to draft a misleading prospectus over which it did not have "ultimate authority." 
• The Court’s ruling is good news for the many third parties (such as bankers, accountants, lawyers, investment advisers and others) that regularly provide services to issuers and/or assist with the preparation of disclosures.