Mayer Brown Not Liable For Refco Fraud: 2nd Circ.

Law360, New York (April 28, 2010, 2:09 PM EDT) -- A federal appeals court has ruled that a lower court correctly let Mayer Brown LLP and its former partner Joseph P. Collins off the hook for securities fraud in a class action brought by shareholders of the firm's former client Refco Inc.

The U.S. Court of Appeals for the Second Circuit on Tuesday ruled that secondary actors, including lawyers, can be held liable for false statements in a private damages action for securities fraud only if the statements are attributed to the defendant, and affirmed a...
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