Author: Susan D. SawtellePublisher: DIANE Publishing
ISBN: 1437989357
Category : Business & Economics
Languages : en
Pages : 47
Book Description
Securities Fraud Liability of Secondary Actors
Author: Susan D. SawtellePublisher: DIANE Publishing
ISBN: 1437989357
Category : Business & Economics
Languages : en
Pages : 47
Book Description
Securities Fraud Liability of Secondary Actors
Author: United States Government Accountability OfficePublisher: Createspace Independent Publishing Platform
ISBN: 9781983715983
Category :
Languages : en
Pages : 48
Book Description
Securities Fraud Liability of Secondary Actors
Securities fraud liability of secondary actors
Author: Susan D. SawtellePublisher:
ISBN:
Category : Securities
Languages : en
Pages : 47
Book Description
Cooperation with Securities Fraud
Author: Ronald J. ColomboPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Secondary actors, such as lawyers, accountants, and bankers, are oftentimes critical players in securities fraud. The important question of their liability to private plaintiffs has been, and remains, one of considerable confusion. In Stoneridge Inv. Partners LLC v. Scientific-Atlanta, Inc., the U.S. Supreme Court could have, but failed to, dispel some of this confusion. Contrary to the common understanding, Stoneridge did not foreclose liability on the part of secondary actors who manage to remain anonymous participants in securities fraud. Read carefully, Stoneridge instead held that proximity to fraud should drive the liability determination. Although "proximity" is itself an indefinite concept, we are not without tools in deciphering it. For we have at our disposal a well-developed, long-tested method of analyzing proximity with an eye toward the just imposition of culpability: moral theology's "principles of cooperation." By turning to these principles, we have at our fingertips a ready-made set of factors to consider in assessing whether one's conduct should be deemed proximate versus remote to another's fraud. The principles of cooperation also provide a framework around which we can organize securities fraud jurisprudence in general. For the insights gleaned from the principles regarding moral culpability in many respects parallel the conclusions reached by courts and commentators construing liability under the securities laws. Perhaps, in addition to the assistance it provides us in resolving the difficult issue of proximity, this framework could serve as a useful aid in resolving other, and future, securities fraud questions.
Evaluating S. 1551
Author: United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Crime and DrugsPublisher:
ISBN:
Category : Accomplices
Languages : en
Pages : 400
Book Description
Scheme Liability, Federal Securities Fraud, and John Wayne's I-Pod
Author: Robert A. PrenticePublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
The Supreme Court held in Central Bank that if Congress had wanted to include an aiding and abetting form of secondary liability in Section 10(b of the 1934 Securities Exchange Act), it would have done so. Strictly construed, this is a defensible holding. After Central Bank, defrauded investors have been forced to (a) argue for a broad view of primary liability, and (b) assert "scheme liability" claims under subsections (a) and (c) of Rule 10b-5. Most lower courts have rejected both these approaches and thereby excused from liability many parties, particularly investment banks, that knowingly participated in issuers' securities fraud. This article initially demonstrates that Congress did not include an aiding and abetting provision as a form of secondary liability under Section 10(b) because it necessarily expected "aiding" or "aiding and abetting" of securities fraud to constitute a primary violation of Section 10(b) with or without any explicit mention in the statute. In 1934, the common law of fraud and virtually every statutory antecedent of Section 10(b) imposed liability upon those who "participated" in fraud. The law of intentional torts in 1934 made virtually no distinction between primary and secondary liability. Aiding and abetting as a form of secondary activity in the field of securities fraud was invented by the lower federal courts in 1966. It became meaningful only after 1994 when lower courts began applying Central Bank's reasoning in a narrow way. Lower courts have been able to justify their narrow interpretation of Central Bank's holding only by committing the anachronistic error of assuming that the law of deceit was the same in 1934 as in 1994. The Supreme Court has often warned against the making of such anachronistic errors. This article then demonstrates the unquestionable validity of "scheme liability" under subsections (a) and (c) of Rule 10b-5. The lower courts that have rejected scheme liability have misread Central Bank, ignored the plain language of both Section 10(b) and Rule 10b-5, and committed a host of other mistakes.
A Framework for Analyzing Attorney Liability Under Section 10(b) and Rule 10b-5
Author: Gary BishopPublisher:
ISBN:
Category :
Languages : en
Pages : 47
Book Description
This article analyzes recent developments in the law of secondary party liability under the general antifraud provision of the Securities Exchange Act of 1934, section 10(b), and its corresponding Securities and Exchange Commission rule, Rule 10b-5. The article focuses on a specific type of secondary party, securities lawyers, who make their living representing securities issuers and face a myriad of challenges in doing so. Among those challenges are defrauded investors seeking recovery of their losses from both the issuer of the failed investment securities and from the lawyers who represent the issuer.These securities fraud actions against lawyers raise serious questions about the proper scope of liability under the federal securities laws. The recent developments discussed in the article indicate that the standard for secondary party liability is increasingly becoming one that attorneys acting in the traditional role of adviser and draftsperson to securities issuers will not satisfy.
Abandonment of the Private Right of Action for Aiding and Abetting Securities Fraud/staff Report on Private Securities Litigation
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on SecuritiesPublisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 344
Book Description
Distributed to some depository libraries in microfiche.
Nuts and Bolts of Securities Law
Author: Treatise on the Law of Securities Regulation
Author: Thomas Lee HazenPublisher: West Group Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 842
Book Description