Does SEC Rule 10b-5 Provide an Implied Private Right of Action for Aiding and Abetting Securities Fraud?

This case concerns the civil liability of persons who aid and abet securities fraud in violation of federal law. First, the Supreme Court will decide if federal securities law recognizes an implied private right of action against those who aid and abet securities fraud. Second, if the Court concludes that there is a private right of action, it is asked to decide if recklessness satisfies the mental-state requirement which lower courts have held is a prerequisite for imposing civil liability