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Supreme Court Adopts Rule Curtailing Private Securities Fraud Actions against Outside Advisors Who Assist in the Preparation of Disclosures
15 June 2011
The Supreme Court, in
Janus v. First Derivative Traders
, has held that a mutual fund adviser cannot be held primarily liable in a private securities fraud action for helping to draft a misleading prospectus over which it did not have "ultimate authority."
The Court’s ruling is good news for the many third parties (such as bankers, accountants, lawyers, investment advisers and others) that regularly provide services to issuers and/or assist with the preparation of disclosures.
Kenneth J. Berman
John S. Kiernan
Gary W. Kubek
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