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Kagan Sided With Investors in Two Notable Securities Cases
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2010/05/10 09:25
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pThe federal government has opposed business interests in two closely watched securities cases during Elena Kagan's time as solicitor general, although her brief tenure has overlapped with just a handful of notable business cases. /ppMs. Kagan has a light record on business issues outside of her 14 months of service as solicitor general, a role in which she represented the government at the high court. She hasn't served as a judge and her professional career has largely been devoted to government service and academia. /ppWith Ms. Kagan as solicitor general, the Obama administration has taken a friendlier approach to investor lawsuits. Ms. Kagan's office filed a legal brief supporting investors in a case that examined when shareholders could sue mutual-fund managers for allegedly charging excessive fees. Ms. Kagan argued that a lower-court ruling in the case did not provide enough of a check on potentially excessive fees. /ppIn another case, Ms. Kagan's office argued that shareholders of Merck amp; Co. Inc. didn't wait too long to file lawsuits alleging the drug maker misrepresented the safety of painkiller drug Vioxx. /ppThe Supreme Court, which decided both cases this spring, unanimously agreed with Ms. Kagan's position each time.
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