Reps. Barney Frank and John Conyers, Jr. spend taxpayer dollars to file a late amicus brief on behalf of plaintiffs' lawyers and against investors in Stoneridge v. Scientific-Atlanta, taking issue with my Wall Street Journal op-ed on the case. (H/t L.R.) To wit, "A number of commentators have called for the Court to decide this case by reference to policy considerations nowhere found in the statute." This is wrong: the op-ed explicitly noted that Congress had twice rejected precisely the sort of liability that petitioners are seeking in this case. It is also ironic: civil securities fraud liability was created by judicial fiat out of a statute that had no private right of action.