US ruling protects advisors from fraud litigation
The US Supreme Court has issued a landmark securities law ruling in favour of corporate advisors. The court ruled that shareholders cannot sue investment banks, lawyers, accountants and other third parties who did business with a company that engaged in fraud, where investors did not rely on any deceptive acts of the third parties.
The decision, in the case of Stoneridge Investment Partners v. Scientific-Atlanta and Motorola, was arrived at by a majority of five to three and has been welcomed by
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