Probing Private Equity For Section 12(a)(2) Liability

Law360, New York (April 23, 2013, 11:12 AM EDT) -- Recently, the U.S. District Court for the District of Massachusetts dismissed claims brought by two Massachusetts public retirement systems against a private equity fund for misrepresentation under Section 12(a)(2) of the Securities Act of 1933.

In a clear effort to probe the boundaries of Section 12(a)(2) liability in the private funds context, the plaintiffs in Brockton Retirement Board and Quincy Retirement Board v. Oppenheimer Global Resource Private Equity Fund I LP, et al., alleged that the offering documents for the fund in which the plaintiffs invested...
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