1st Circ. To Revisit SEC Case V. Columbia Execs

Law360, New York (July 23, 2009, 2:52 PM EDT) -- A federal appeals court has decided to take another look at a case brought by the U.S. Securities and Exchange Commission against two former executives at Columbia Funds Distributors Inc. in order to weigh in on whether mutual fund underwriters can be held liable for securities violations on a theory of implied statement.

The U.S. Court of Appeals for the First Circuit on Wednesday granted petitions by former Columbia executives James Tambone and Robert Hussey for an en banc rehearing solely on the issue of liability...
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