U.S. Supreme Court building April 23, 2019. Photo: Diego M. Radzinschi/ALM The Broad Impact of the Supreme Court's 'Lorenzo' Decision
One year on from the U.S. Supreme Court's surprising 'Lorenzo' decision, lower courts have embraced both its main holding as well as the decision's more expansive view of fraud under Rule 10b5.
August 26, 2020 at 12:38 PM
8 minute read
In March 2019, the Supreme Court delivered a major, and surprising, decision in Lorenzo v. Securities & Exchange Comm., 139 S. Ct. 1094 (2019). Since that decision, the lower federal courts have broadly expanded liability under Rule 10b5(a,c), first by expanding it for persons who "disseminate" false or misleading information and by breathing new life into claims based on "artifices or schemes" to defraud under Rule 10b5(a,c)
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