Bush not happy with investor-fraud case

The same week that the U.S. solicitor general declined to weigh in on a Supreme Court case that will have far-reaching impacts on how shareholders sue corporations for fraud, President George W. Bush expressed displeasure at the government strategy in the case. The case is now pending before the court and could determine whether shareholders are entitled to money from third parties who helped corporate clients commit fraud but who did not themselves make misleading public statements in the process. "The president's views are based on a policy of not expanding the scope of private shareholder litigation against third parties, not on any of the corporations involved in this case or related cases," said White House spokesman Tony Fratto.

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