Solicitor general lets deadline pass in key securities case

06/12/2007 | Washington Post (tiered subscription model), The

U.S. solicitor general Paul D. Clement did not file briefs in a key Supreme Court case as yesterday's deadline for doing so expired. Considered a once-in-a-generation securities dispute, the case will determine whether shareholders can sue bankers, lawyers and accountants who help their corporate clients get away with financial wrongdoing without making misleading public statements in the process. Clement's decision to not file a brief came after a plea from the Securities and Exchange Commission to back investors in the case and set off a flurry of criticism from plaintiffs' lawyers, unions and senior House Democrats.

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