Private Actions Are Not Precluded Under Martin Act, Panel Decides

, New York Law Journal

   | 1 Comments

A decade after then Attorney General Eliot Spitzer dusted off the long dormant Martin Act and deployed it to become the "Sheriff of Wall Street," the Court of Appeals has essentially deputized private citizens in holding for the first time that common-law tort claims are not pre-empted by the law.

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What's being said

  • Elliott Meisel

    It's about time, but unfortunately only after countless co-op and condo purchasers were deprived of both public agency prosecution, which was not forthcoming, and the ability to protect their own interests for decades while well heeled sponsors built shoddy buildings, misrepresented amenities and budgets and otherwise made a mockery of the bloated and ineffective "disclosure laws".

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