The Supreme Court's decision in Stoneridge Investment Partners LLC v. Scientific Atlanta will mean that mutual fund companies, could be better protected from class-action investor suits involving third parties that support the administration and running of a fund's trading floor and back office.

Some legal actions that target mutual fund service providers, such as suppliers, lawyers, bankers and auditors and any other "third parties," as long as investors weren't directly misled, will be non-starters as a result of the decision.

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