Martin Act 'Offering or Sale' of Securities Broadly Construed

In their Court of Appeals Roundup, Roy L. Reardon and Mary Elizabeth McGarry, partners at Simpson Thacher & Bartlett, discuss cases that involve how broadly the Martin Act phrase "offering or sale" of securities should be interpreted, when the state may avoid liability for negligence under the doctrine of sovereign immunity, and whether the agency defense to a charge of selling narcotics applies to the charge of facilitating the sale of narcotics.

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