Nacchio Appeal Postponed

The Supreme Court did not resolve the appeal of Joe Nacchio.  The Monday list of matters (the last of the term) did not address the case.  As a result, it will be considered in the next term.  The WSJ has a story on the non-decision.  

It is hard to believe that the Court would take the case on the basis of the exclusion of Nacchio's last witness.  On the other hand, the case also raises the issue of materiality.  The Court may see it as a vehicle to further restrict the reach of Rule 10b-5, a philosophy by the Court articulated in Stoneridge.

The answer should be in September.