Securities fraud class actions over the past decade have taken the business world — especially, advisers to public companies (e.g., accountants, banks and law firms) — on a roller-coaster ride. In the mid-’90s, the momentum was upward.
In 1994, the Supreme Court decreed, in Central Bank of Denver, N.A. v. First Interstate Bank of Denver, N.A., that no private right of action existed for “aiding and abetting” a securities fraud violation, substantially limiting the scope of such lawsuits.
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