Time to catch up on some items of interest from around the web.
(1) Business Week (Sept. 17) has a column on an enduring question about securities class actions - do they make any economic or practical sense? The author is skeptical, finding that "directors and officers need to be far more than just titular defendants—they need to have skin in the game."
(2) The extraterritorial reach of the U.S. securities laws continues to be a subject of practicioner and academic commentary. California Lawyer (Oct. 1) has a column entitled "F-Cubed, or All F-d Up?" about the chances of the Supreme Court taking on the issue of f-cubed cases. Meanwhile, Prof. Hannah Buxbaum has a new article on personal jurisdiction over foreign directors.
(3) The D&O Diary looks at Senator Specter's aiding and abetting bill, discusses the recent subcommittee hearing, and speculates about the bill's potential impact if passed. Conclusion: "[I]t would not only greatly expand the potential securities liability exposure for companies’ outside professionals. It would also expand the potential securities liability exposure of all companies that transact business with public companies."Posted by Lyle Roberts at October 2, 2009 7:03 PM | TrackBack