Changing Standards Of Lawyer Liability

Law360, New York (August 15, 2006, 12:00 AM EDT) -- A recent opinion by the Securities & Exchange Commission (SEC) sanctioning bond counsel for being negligent in providing advice to a school district signals a possible retreat from the long-held position of the Commission that it will not sanction lawyers for providing negligent legal advice to issuers.

A December 2005 opinion by the SEC overturned an opinion by an administrative law judge (ALJ) dismissing the Enforcement Division’s charges that bond counsel had violated Section 10(b) of the Securities Exchange Act of 1934 and Section 17(a) of...
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