U.S. Court of Appeals for the Second Circuit
Second Circuit rules for defendant in securities fraud case, rejecting SEC’s argument that misstatements and omissions alone can form the basis for scheme liability
July 15, 2022
The Second Circuit explained that scheme liability requires something beyond misstatements and omissions, such as dissemination. The court held that its decision in Lentell v. Merrill Lynch & Co., 396 F.3d 161 (2d Cir. 2005), was not abrogated by Lorenzo v. SEC, 139 S. Ct. 1094 (2019).
U.S. Chamber files amicus brief urging Second Circuit to reject SEC’s expansive view of scheme liability under the securities laws
November 24, 2021
Click here to view the Chamber’s amicus brief. Carter G. Phillips and Kwaku A. Akowauah of Sidley Austin LLP and the U.S. Chamber’s Litigation Center served as co-counsel for the U.S. Chamber.