United States Eleventh Circuit

In an appeal addressing whether, and to what extent, the proportionate liability scheme of section 21(D)(f) of the Securities Exchange Act of 1934 (Act), enacted as part of the Private Securities Litigation Reform Act of 1995 (PSLRA), amends section 20(a) of the Act, under which a person who controls a violator of the Act is "liable jointly and severally with and to the same extent" as that violator, the circuit court rules that section 21(D)(f) and section 20(a) should be read in harmony to preserve both the PSLRA's proportionate liability scheme and a controlling person's derivative liability under section 20(a).

Appellate Information

• Decided 04/30/2008
• Published 04/30/2008

Judges

• PER CURIAM:, Before EDMONDSON, Chief Judge, and CARNES and FAY, Circuit Judges.

Court

• United States Eleventh Circuit

Counsel

• For Appellant:
  
• Thomas A. Dubbs, James W. Johnson, Kelso Anderson, Labaton Sucharow, LLP, New York City, for Plaintiffs-Appellants., Matthew H. Lembke, Michael R. Pennington, Bradley, Arant, Rose & White, LLP, William J. Baxley, Elizabeth Wood McElroy, Charles A. Dauphin, Baxley, Dillard, Dauphin, McKnight & Barclift, Birmingham, AL, for Torchmark Corp.