Reimposing a Scienter Requirement in the Martin Act

Katya Jestin, a partner at Jenner & Block, and Matthew Cipolla, an associate at the firm, write that recent lawsuits have refocused attention on New York's much feared Martin Act, which relieves the attorney general's office of burdens found in federal securities laws, and carries a relatively long statute of limitations of six years. But a quirk of New York's CPLR arguably reimposes the requirements of scienter, reliance and damages in order to extend the statute of limitations beyond three years.

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