Securities Law | Expert Legal Commentary
July 6, 2010
PIMCO v. Mayer Brown: Adopting the “Attribution” Standard for Secondary Actors
Pacific Investment Management Co. v. Mayer Brown
By
Josh Lawler of Zuber & Taillieu and Joel B. Ginsberg
The Second Circuit has held that secondary actors can be held liable for Rule 10b-5 damages actions only for false statements attributed directly to the secondary actor at the time of their dissemination. In Pacific Investment Management Co. v. Mayer Brown, 603 F.3d 144 (2nd Cir. 2010), the Court of Appeals for the Second Circuit specifically rejected the “creator standard” of liability in favor of the “attribution standard” of liability because only under the latter can plaintiffs demonstrate specific reliance upon a defendant’s conduct
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About the Author
Josh Lawler is a Partner of Zuber & Taillieu, focusing on corporate law and securities and finance law.
Image Credit: ©iStockphoto.com/rjmiz
