Sarah S. Gold, a partner at Proskauer Rose, and Richard L. Spinogatti, a senior counsel at the firm, write that a dozen years ago, the U.S. Supreme Court held that a private litigant may not assert a claim for aiding and abetting under §10(b) of the Securities Exchange Act of 1934. In doing so, the Court warned that the absence of aiding and abetting liability did not mean that secondary actors (including accountants, lawyers, or bankers) will always be free from liability.
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Corporate and Securities Litigation
New York Law Journal
June 13, 2006
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