Stoneridge Decision

May 19th, 2015
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The Stoneridge decision handed down by the Supreme Court in January was portrayed by many as a deathblow to the notion of scheme liability (debate still rages in legal circles as to whether that's actually true). But in the Stoneridge case, the Supreme Court was dealing with alleged violations of securities law by a third party.

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Accountants and lawyers take note. A small civil lawsuit unfolding in a Portland, Ore., circuit court this week might raise concerns for professional advisers engaged by corporations and their shareholders. In the case (Synectic Ventures, et al. v. Berkman, et al.), a local venture capitalist named Craig L. Berkman is being sued by a group of investors who claim he engaged in an elaborate Ponzi-like scheme to divert more than $9 million of their $75 million in investment funds for his own personal gain. But of greater interest, the plaintiffsincluding a large Canadian pension fundare

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