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Complaints asserting securities fraud claims often include alternative claims alleging negligent misrepresentation – asserting that if material misrepresentations were not knowingly made, the defendant must have been negligent in determining the truth of the material representations made. Although there is a split in both the state and federal courts regarding the preclusionary effect of the Martin Act, General Business Law article 23-A, ��352 et seq., the defense bar should be aware of a recent decision by Justice Herman Cahn of the Supreme Court, New York County, adopting the majority view of the Southern District, that actions for negligent misrepresentations relating to the sale of securities are precluded in New York by the Martin Act.[1]

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