United States Fourth Circuit

Even if corporate directors are "control persons" under the Securities Exchange Act of 1934, 15 USC 78t(a), or the Virginia Securities Act, Va. Code section 13.1-522(C), they are not liable for securities fraud where they acted in good faith reliance on a corporate decision-making process.

Appellate Information

• Argued 12/06/2000
• Decided 02/22/2001
• Published 02/22/2001

Judges

• Before WILKINSON, Chief Judge, WIDENER, Circuit Judge, and GARWOOD, Senior Circuit Judge of the United States Court of Appeals for the Fifth Circuit, sitting by designation.

Court

• United States Fourth Circuit

Counsel

• For Appellees:
  
• ARGUED: Michael Joseph, Dyer, Ellis & Joseph, P.C., Washington, DC, for Appellant. Philip Richard Croessman, Bastianelli, Brown & Kelley, Chartered, Washington, DC, for Appellees. ON BRIEF: Richard A. Kirby, Dyer, Ellis & Joseph, P.C., Washington, DC;  David S. Bracken, Cohen, Dunn, Curcio, Keating & Rohrstaff, P.C., Alexandria, VA, for Appellant.   Tina S. Tisinger, Bastianelli, Brown & Kelley, Chartered, Washington, DC, for Appellees.