central
bank
first
interstate
bank
argued
november
decided
april
interpreted
securities
exchange
act
imposes
private
civil
liability
commit
manipulative
deceptive
act
connection
purchase
sale
securities
following
public
building
authority
default
certain
bonds
secured
landowner
assessment
liens
respondents
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bonds
filed
suit
authority
bonds
underwriters
developer
land
question
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bank
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trustee
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issues
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first
three
defendants
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bonds
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secondarily
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musick
peeler
garrett
employers
ins
wausau
none
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securities
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pp
sec
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manspeaker
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congress
decided
page
iii
statutory
purposes
fair
dealing
efficiency
securities
markets
furthered
imposition
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aider
abettor
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light
uncertainty
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rules
determining
liability
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client
companies
investors
pp
rejects
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action
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criminal
offenses
logical
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sec
approach
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damages
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passed
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class
persons
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unacceptable
shift
settled
interpretive
principles
pp
kennedy
delivered
opinion
rehnquist
scalia
thomas
joined
stevens
filed
dissenting
opinion
blackmun
souter
ginsburg
joined
central
bank
first
interstate
bank
justice
kennedy
delivered
opinion
interpreted
securities
exchange
act
imposes
private
civil
liability
commit
manipulative
deceptive
act
connection
purchase
sale
securities
case
must
answer
question
reserved
two
earlier
decisions
whether
private
civil
liability
extends
well
engage
manipulative
deceptive
practice
aid
abet
violation
see
herman
maclean
huddleston
ernst
ernst
hochfelder
colorado
hills
public
building
authority
authority
issued
total
million
bonds
finance
public
improvements
stetson
hills
planned
residential
commercial
development
colorado
springs
petitioner
central
bank
served
indenture
trustee
bond
issues
bonds
secured
landowner
assessment
liens
covered
acres
bond
issue
acres
bond
issue
bond
covenants
required
land
subject
central
bank
first
interstate
bank
liens
worth
least
bonds
outstanding
principal
interest
covenants
required
amwest
development
developer
stetson
hills
give
central
bank
annual
report
containing
evidence
test
met
central
bank
asked
appraiser
review
updated
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appraiser
decided
values
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local
real
estate
market
suggested
central
bank
retain
outside
appraiser
conduct
independent
review
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exchange
letters
central
bank
amwest
early
central
bank
agreed
delay
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review
appraisal
end
year
six
months
june
closing
bond
issue
independent
review
complete
however
authority
defaulted
bonds
respondents
first
interstate
jack
naber
purchased
million
bonds
default
respondents
sued
authority
underwriter
junior
underwriter
amwest
director
central
bank
violations
securities
exchange
act
complaint
alleged
authority
underwriter
defendants
amwest
director
violated
complaint
also
alleged
central
bank
secondarily
liable
central
bank
first
interstate
bank
conduct
aiding
abetting
fraud
app
district
district
colorado
granted
summary
judgment
central
bank
appeals
tenth
circuit
reversed
first
interstate
bank
denver
pring
appeals
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set
forth
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circuit
primary
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recklessness
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standard
appeals
found
central
bank
aware
concerns
accuracy
appraisal
central
bank
knew
sale
bonds
imminent
purchasers
using
appraisal
evaluate
collateral
bonds
circumstances
said
central
bank
awareness
alleged
inadequacies
updated
almost
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support
finding
extreme
departure
standards
ordinary
care
thus
found
respondents
established
genuine
issue
material
fact
regarding
recklessness
element
aiding
abetting
liability
separate
question
whether
central
bank
rendered
substantial
assistance
primary
violators
appeals
found
reasonable
trier
fact
conclude
central
bank
rendered
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assistance
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independent
review
appraisal
ibid
like
appeals
case
federal
courts
allowed
private
aiding
abetting
actions
first
leading
case
impose
liability
brennan
midwestern
life
ins
central
bank
first
interstate
bank
supp
nd
ind
aff
cert
denied
reasoned
absence
clear
legislative
expression
contrary
statute
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flexibly
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purposes
since
numerous
courts
taken
position
see
cleary
perfectune
kerbs
fall
river
industries
decisions
santa
fe
industries
green
ernst
ernst
hochfelder
paid
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text
defining
scope
conduct
prohibited
courts
commentators
began
question
whether
aiding
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liability
still
available
professor
fischel
opined
theory
secondary
liability
longer
viable
light
recent
decisions
strictly
interpreting
federal
securities
laws
fischel
secondary
liability
section
securities
act
rev
district
eastern
district
michigan
found
doubtful
claim
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continue
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benoay
decker
supp
aff
year
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circuit
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bank
arizona
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acts
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central
bank
first
interstate
bank
liability
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sec
seaboard
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scheme
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abet
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barker
henderson
franklin
starnes
holt
granted
certiorari
resolve
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confusion
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scope
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ii
wake
stock
market
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reports
widespread
abuses
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amended
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et
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dirks
sec
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green
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right
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see
musick
peeler
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employers
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lampf
pleva
lipkind
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petigrow
gilbertson
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levinson
bateman
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hill
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berner
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