Securities Fraud Damages

Bradford Cornell, John I. Hirshleifer and John N. Haut

A chapter in Developments in Litigation Economics, 2005, pp 29-57 from Emerald Group Publishing Limited

Abstract: A private right of action is not expressly mentioned in either §10(b) or Rule 10b-5 of the Securities Exchange Act of 1934, and hence such a right must be implied. To justify a reasonable cause of action, the plaintiff must prove: (1) a material omission or misstatement; (2) made by the defendant with “scienter” (defined later); (3) which was the actual and proximate cause of injury to the plaintiff; (4) and was relied upon by the plaintiff.3To reach the issue of damages, defendants’ liability in terms of satisfying the above four elements must be assumed.

Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:eme:csefzz:s1569-3759(05)87003-2

DOI: 10.1016/S1569-3759(05)87003-2

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