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11th Circuit Decides PSLRA 1st Impression Case

Law360 (June 18, 2008, 12:00 AM EDT) -- In Laperriere v. Vesta Ins. Group Inc., No. 06-14524, 2008 WL 1883482 (11th Cir. April 30, 2008), the Eleventh Circuit Court of Appeals decided an important issue of first impression under the Private Securities Litigation Reform Act (PSLRA).

The issue is whether the proportionate fault provisions of the PSLRA affect controlling person liability under Section 20(a) of the Securities Exchange Act of 1934 (Exchange Act), which makes a controlling person jointly and severally liable for the acts of the controlled person.

The Eleventh Circuit found a...
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