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The gun-maker had appealed to the highest federal court after the Connecticut Supreme Court allowed the lawsuit over the 2012 school massacre in Newtown, Conn., to go forward in March.
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Fears of inspiring copycats and a recent surge in "morbid fascination" visitors have prompted school officials to consider tearing down the building. The school's name and mascot would stay the same.
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Gun companies have rarely been held liable for crimes committed with their products. This lawsuit could mark a new front in the battle over gun regulations and corporate accountability.