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Writing for the Court,Justice Elena Kagan explained that the dual bases of liability, recited in Section 11 of the Securities Act of 1933, are not "an invitation to Monday morning quarterback an issuer's opinions" if the opinions later prove incorrect. The Court thus spurned second-guessing from the relative comfort of hindsight. With her nod to football, justice Kagan employed a rhetorical technique that justices and lower federal and state judges have employed with increased frequency since the early 1970s. In cases with no claims or defenses concerning sports, written opinions help decide or explain issues of law or fact with references to the rules, strategies, or terminology of a wide array of sports.



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