A brief filed with the Supreme Court on Sept. 10 warns of “devastating consequences for the legal profession” if the justices allow lawyers and other third parties to be held liable for their background role in preparing allegedly fraudulent securities offerings.
Recalling the impact of securities fraud lawsuits on well-known law firms in recent years — including the demise of Jenkens & Gilchrist in Dallas in 2007 — the brief asserts that especially in the current economic downturn, “even the most meritless securities fraud claim could be sufficient to push several [law firms] over.”
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