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In a decision of first impression, the 2nd U.S. Circuit Court of Appeals ruled Thursday that no private damages remedy exists for violations of a federal securities law designed to inform investors about a hostile corporate takeover. The unanimous panel held that a failure to comply with ' 13(d) of the Securities and Exchange Act didn't give rise to a claim for money damages.
April 15, 2002 at 12:00 AM
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The original version of this story was published on Law.Com
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