Top Securities Rulings of 2013 Have Defense Bar Flying High
Lane Powell Shareholder Doug Greene was quoted in a July 16 Law360 article titled “Top Securities Rulings of 2013 Have Defense Bar Flying High.” The article discussed a number of significant securities litigation cases that have occurred since the beginning of this year that could have an impact on how these cases are fought in court. Greene commented on a recent decision by the Sixth Circuit that found that plaintiffs suing under Section 11 of the Securities Act of 1933 do not have to show a defendant knew that his/her statements of opinion were false when made.
If the Sixth Circuit’s view becomes the law of the land, defense attorneys may need to rethink their approach to certain Section 11 claims, according to Douglas W. Greene, a shareholder at Lane Powell PC who co-chairs the firm’s securities litigation group.
“This is an important issue,” Greene said. “Statements of opinion are often challenged in securities cases, and if the Sixth Circuit’s view holds and spreads, it will change the governing approach to litigating statements of opinion.”