A couple of items from around the web.
(1) The D&O Diary has a helpful summary of the Senate Financial Reform Bill. For securities litigators, however, the bill is probably more notable for what it does not include. A proposed amendment that would have restored aiding-and-abetting liability for private securities fraud actions failed to make it to a vote. Moreover, a provision in the related House bill that addressed the extraterritorial application of the federal securities laws was not included in the Senate version (but could turn up in the reconciled legislation).
(2) Law.com has a column on the Second Circuit's recent Pacific Investment decision. (The 10b-5 Daily's write-up on the case can be found here.) The authors argue that Pacific Investment confirms how difficult it is for plaintiffs to charge "secondary actors with securities fraud liability when no allegedly misleading statements were attributed to those persons at the time the statements in question were made."Posted by Lyle Roberts at May 27, 2010 11:32 PM | TrackBack