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United States Supreme Court

Lorenzo v. SEC, 17–1077

In a securities law case, held that someone who is directed by a boss to make a misstatement may potentially be liable for it. A senior-level investment banker who allegedly made knowingly false statements in emails to prospective investors claimed that his boss had told him what to say, so he could not be held responsible. Disagreeing, the U.S. Supreme Court concluded that his conduct could fall within the scope of federal securities laws, upholding a ruling of the Securities and Exchange Commission. Justice Breyer delivered the opinion of a 6-2 Court (Justice Kavanaugh not participating).

Appellate Information

  • Decided
  • Published 2019/03/27


  • Breyer


  • United States Supreme Court


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