The Future of Aiding and Abetting Liability

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In 1994, the Supreme Court ruled that Section 10(b) does not provide for aiding and abetting liability, and thus held that a private plaintiff may not maintain a secondary liability suit under Section 10(b). Central Bank of Denver v. First Interstate Bank of Denver, 511 U.S. 164 (1994). In 2008, the Court reaffirmed its ruling in Central Bank by extending the principle to bar not only a private right of action against aiders and abettors (such as lawyers, accountants and investment bankers), but also claims based upon "scheme liability" involving secondary parties. Stoneridge Investment Partners LLC v. Scientific-Atlanta Inc., 552 U.S. 148 (2008).

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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