Civil Rights Copyright Criminal Securities And Tax Matters
Pacific Inv. Mgmt. Co. v. Mayer Brown LLP, No. 09-1619, concerned a securities fraud action against outside counsel for a corporation that allegedly made false statements in connection with a securities offering. The court of appeals affirmed the dismissal of the complaint, on the grounds that 1) a secondary actor can be held liable for false statements in a private damages action for securities fraud only if the statements were attributed to the defendant at the time the statements were disseminated; and 2) plaintiffs’ claims that defendants participated in a scheme to defraud investors were not meaningfully distinguishable from the claim at issue in Stoneridge Inv....