Aider and abettor claims against lawyers in securities fraud cases are barred under federal law, but a New York federal judge has ruled that a suit brought under Oregon's "Blue Sky" law may proceed against a New York law firm. The suit by an Oregon-based investor stems from Seward & Kissel's representation of Wood River Partners, a hedge fund that collapsed in 2005. The suit claims Seward & Kissel helped Wood River perpetrate fraud by drafting documents and allowing its name to be used in a fund prospectus.
April 02, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal judge in Manhattan has ruled that a lawsuit brought under Oregon “Blue Sky” law may proceed against the New York law firm Seward & Kissel for allegedly aiding and abetting securities fraud by a client hedge fund.
Aider and abettor claims against lawyers or accountants in securities fraud cases are barred under federal law. But Southern District Judge Harold Baer has ruled they are permissible under a state securities fraud statute, or Blue Sky law.
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