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Supreme Court Majority Significantly Restricts Secondary Actor Liability Under Section 10(b)
January 17, 2008
Jonathan R. Tuttle, Ada Fernandez Johnson, Scott N. Auby, Colby A. Smith, John B. Missing

This client update reviews the decision by the Supreme Court in Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc. which draws a clear, defense-friendly boundary on the private liability of "secondary actors" – i.e., banks, lawyers, business partners and consultants. In Stoneridge, the Court considered whether secondary actors Scientific-Atlanta and Motorola, which served as both suppliers to and customers of cable company Charter Communications, Inc. could be held liable to Charter’s investors based on their alleged role in a scheme to artificially inflate Charter’s financial statements.

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