With Arthur Aufses III, Alan Friedman, Stephen Sinaiko
Over 15 years ago, in Central Bank of Denver, N.A. v. First Interstate Bank of Denver, N.A., 511 U.S.164 (1994), the Supreme Court held that Section 10(b) of the Securities Exchange Act and SEC Rule 10b-5 do not permit private civil plaintiffs to recover on an aiding and abetting theory.