Born Under a Bad Sign? Maybe Yes, Maybe No
March 7, 2023
In his latest column for the NY Business Law Journal, C Evan Stewart explores the aftermath of the U.S. Supreme Court’s 2019 decision in Lorenzo v. S.E.C.—the “bad sign” referenced in his title—in which the Court undercut its prior clear distinction between primary and secondary liability for securities fraud. He discusses how the Securities and Exchange Commission has tried to push the envelope even further, with varied results.