Two recent cases dealing with the substance of private rights of action under the securities laws are, however, problematic. In Janus Capital Group Inc. v. First Derivative Traders (2011), Justice Clarence Thomas, writing for himself and the four other conservative justices, defined the word "make" in an SEC rule to mean that an investment company could not be sued for the false statements in a subsidiary's mutual fund prospectus, even if it helped prepare the document, because the parent company did not "make" them; instead, the subsidiary did when it filed the prospectus with the SEC. To reach this conclusion, Justice Thomas relied heavily on his choice of competing dictionary definitions of "make." In dissent, Justice Stephen Breyer noted: "Neither common English nor this Court's earlier cases limit the scope of [the word] to those with 'ultimate authority' over a statement's content." Thus the Roberts Court twisted the word "make" to allow an "untrue statement of material fact" to go unsanctioned, just as the D.C. Circuit Court, in its Business Roundtable decision, twisted the hortatory language of Congress to require regulators to perform a pro-Wall Street cost-benefit analysis.