Bill Introduced To Overturn Stoneridge

Law360, New York (August 4, 2009, 3:12 PM EDT) -- Sen. Arlen Specter, D-Pa., is taking aim at two recent U.S. Supreme Court decisions with proposed new legislation that would allow third parties suspected of aiding and abetting securities fraud to be named as defendants in private civil suits.

Specter, along with Sens. Edward Kaufman, D-Del., and Jack Reed, D-R.I., introduced the Liability for Aiding and Abetting Securities Violation Act of 2009 in the U.S. Senate on Thursday.

The bill aims to amend the Exchange Act to authorize a private right-of-action against any individual or entity...
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