Abandonment of the Private Right of Action for Aiding and Abetting Securities Fraud/staff Report on Private Securities Litigation: Hearing Before the Subcommittee on Securities of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Third Congress, Second Session, on Recent Securities Law Decisions by the U.S. Supreme Court, Central Bank of Denver Vs. First Interstate Bank of Denver ... May 12, 1994, Volume 4U.S. Government Printing Office, 1994 - 333 pages Distributed to some depository libraries in microfiche. |
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abetting liability accounting firms accounting profession action for aiding aiders and abettors aiding and abetting alleged amendment attorneys audit auditors Bank of Denver cause of action cent Central Bank decision Chairman civil clients Committee companies concerns CONGRESS THE LIBRARY corporate costs counsel damages defendants defrauded investors directors disclosure Exchange Commission Federal courts Federal securities laws fees filed frivolous litigation Hearing Record impose insider trading issue lawsuits lawyers legislation Lerach Manor Drug Stores meritless Metzenbaum million NASAA parties percent person plaintiffs primary violation private actions private litigation private plaintiffs private rights private securities litigation professionals recovery remedies right of action Rule 11 scienter SEC's secondary liability Section 10(b Securities and Exchange securities class actions securities fraud securities markets Senator DODD Senator DOMENICI settle settlement shareholder standard statement statute of limitations Subcommittee suits supra note Supreme Court testimony vexatious litigation
Popular passages
Page 76 - To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading...
Page 207 - In any suit under this or any other section of this title the court may, in its discretion, require an undertaking for the payment of the costs of such suit, including reasonable attorney's fees, and if judgment shall be rendered against a party litigant, upon the motion of the other party litigant, such costs may be assessed in favor of such party litigant (whether or not such undertaking has been required) if the court believes the suit or the defense to have been without...
Page 233 - In any class action maintained under subdivision (b)(3), the court shall direct to the members of the class the best notice practicable under the circumstances, including individual notice to all members who can be identified through reasonable effort.
Page 205 - If without substantial justification a certification is made in violation of the rule, the court, upon motion or upon its own initiative, shall impose upon the person who...
Page 262 - Court ruled that: by certifying the public reports that collectively depict a corporation's financial status, the independent auditor assumes a public responsibility transcending any employment relationship with the client.
Page 141 - Arthur Andersen & Co., Coopers & Lybrand, Deloitte & Touche, Ernst & Young, KPMG Peat Marwick, and Price Waterhouse.
Page 233 - The notice shall advise each member that (A) the court will exclude him from the class if he so requests by a specified date; (B) the judgment, whether favorable or not, will include all members who do not request exclusion; and (C) any member who does not request exclusion may, if he desires, enter an appearance through his counsel.
Page 232 - ... questions of law or fact common to the members of the class predominate over any questions affecting only individual members, and that a class action is superior to other available methods for the fair and efficient adjudication of the controversy.
Page 70 - In our complex society the accountant's certificate and the lawyer's opinion can be instruments for inflicting pecuniary loss more potent than the chisel or crowbar.
Page 205 - ... to the best of the signer's knowledge, information, and belief formed after reasonable inquiry it is well grounded in fact and is warranted by existing law or a good faith argument for the extension, modification, or reversal of existing law, and that it is not interposed for any improper purpose, such as to harass or to cause unnecessary delay or needless increase in the cost of litigation.