Stoneridge: What Does It Mean?

Law360, New York (January 16, 2008, 12:00 AM EST) -- In its much-anticipated Stoneridge decision, the Supreme Court confirmed on Tuesday that it meant what it said thirteen years ago when it abolished aiding and abetting liability in Central Bank.

The Court held that investors had not alleged facts establishing the causation/reliance element of a private cause of action under Section 10(b) against an issuer’s commercial partners, who entered into sham contracts with the issuer but played no role in the issuer’s accounting for those contracts and whose role in the issuer’s scheme was not made...
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