The Latest In Secondary Actor Liability

Law360, New York (March 19, 2010, 5:09 PM EDT) -- Last October, we wrote in this forum that secondary actors who do not make statements to the public — and who thus generally cannot be liable in private securities actions — faced expanded exposure under the securities laws on two fronts: at the behest of the U.S. Securities and Exchange Commission, which was seeking to impose primary liability on an “implied representation” theory, and through legislation, via the introduction of S. 1551 by Senator Arlen Specter, D-Pa.

In the last week, there have been significant positive...
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