Pacific Inv. Management Co. LLC v. Mayer Brown LLP
United States Court of Appeals for the Second Circuit
603 F.3d 144 (2010)
Relevant factsFree
Law firm Mayer Brown (defendant) drafted portions of offering documents for Refco, which relied on sham transactions to hide client losses, but none of the statements in those documents were attributed to Mayer Brown when issued to investors; Pacific Investment Management (plaintiff) sued Mayer Brown under Rule 10b-5 for its role in the false statements, and the district court dismissed the claim.
IssueFree
Whether, in a private damages action under Rule 10b-5(b), a secondary actor's liability is limited to false statements attributed to that secondary actor at the time of dissemination.
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