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Will The 1st Circ. Reverse Its Tambone Decision?

Law360 (May 20, 2009, 12:00 AM EDT) -- In December 2008, the First Circuit sent shockwaves through the securities industry and defense bar with its decision in SEC v. Tambone, 550 F.3d 106 (1st Cir. 2008).

In a 2-1 decision the court held that two executives at a mutual fund’s underwriters could be primarily liable under Section 10(b) and Rule 10b-5(b) for false statements involving the funds’ market timing practices made in the funds’ prospectus based only on the executives’ implicit statement to investors that they believed that the statements made in the prospectus...
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