A slew of recent decisions that address the scope of primary liability under federal securities laws give companies an early glimpse into how lower courts are interpreting the U.S. Supreme Court’s decision in Janus Capital Group v. First Derivative Traders.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...