Aiding And Abetting Liability: Don't Hold Your Breath

Law360, New York (September 9, 2010, 12:32 PM EDT) -- Last year, Sen. Arlen Specter, D-Pa., introduced S. 1551, which was intended to amend Section 20(e) of the Securities Exchange Act of 1934 to permit plaintiffs to pursue claims against secondary parties, such as lawyers and accountants, for aiding and abetting securities fraud. See Liability for Aiding and Abetting Securities Violations Act of 2009, S. 1551, 111th Cong. (2009). The bill was referred to the Senate Judiciary Committee, which held a hearing on Sept. 17, 2009, but the committee has not made any report on the...
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