Ohio Attorney General Issues Statement In Response To DOJ’s Brief In Stoneridge Case

Says he is not surprised that federal government has sided with investment banks over individual, institutional investors

August 16, 2007 -- Ohio Attorney General Marc Dann issued the following statement late today when he learned that the U. S. Solicitor General had filed an amicus brief opposing the interests of shareholders in the case Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc. et al. that is now pending before the U. S. Supreme Court:

“While I am certainly not surprised, I am disappointed that the federal government has once again decided to favor the interests of large corporations and investment banks over those of individual and institutional investors. This action by the Solicitor General on behalf of the Justice Department validates my contention that the federal government is willingly abandoning its regulatory authority to the detriment of our economy, our nation, and the American people.

It also clearly demonstrates that our decision to fight to protect shareholders by intervening in the case was absolutely justified. I am proud of the fact that the Attorney General of Texas and AGs from 30 other states joined us in filing an amicus brief in the case. They understand, as I do, that we must pick up the regulatory gauntlet the federal government has discarded if we are to stop the type of fraud that is now causing so much turmoil on Wall Street and pain on Main Street. It is my hope that the Supreme Court will consider our arguments and render a just decision in this important case.”

Source: Ohio Attorney General

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