Hear, hear.  (In re Apollo Group, Inc. Securities Litigation (D. Ariz. 2008) via WSJ Law Blog; Bloomberg).  Plaintiffs will appeal the trial court’s decision to throw out the $277 million verdict.

At least that was Thomas Guhl’s theory as to why the ball struck his windshield with high velocity while he was driving near the Eagle Oaks Golf and Country Club, injuring him. His $725,000 settlement is based on the theory that the golf club was negligent for not installing netting along Asbury Avenue that would have kept balls from landing on a neighboring homeowner’s lawn, and that Canfield Lawn and Landscaping was negligent because it hadn’t checked that lawn for golf balls before mowing. (”Man injured by golf ball gets $725K”, AP/Newark Star-Ledger, Jul. 31).

The trial bar’s efforts to broadly expand the securities laws through judicial fiat is challenged in an amicus brief filed in Stoneridge v. Scientific-Atlanta (earlier: Jul. 31, etc.), including former SEC chairs Roderick Hills, Harvey Pitt and Harold Williams; and law professors Richard Epstein, Joseph Grundfest, Stephen Bainbridge, and Larry Ribstein.

Update: Not only has the Department of Justice come out in favor of affirmance (despite extensive lobbying by the plaintiffs’ bar), but both major stock exchanges—who interests unquestionably parallel the interests of investors as a group—filed amicus briefs seeking affirmance. But watch the press portray this as “businesses versus investors” instead of “businesses and investors versus trial lawyers and government officials seeking donations from trial lawyers.”

Update: Oral argument is October 9. AEI will hold a panel discussing the case October 5.