§ 6.1.2.2.2

• Jurisdiction: Arizona

§ 6.1.2.2.2 After 2013: aiding and abetting as a separate claim does not exist

After Grubaugh, the issue did not resurface in the appellate courts until 2010, when the Arizona Supreme Court in Grand II acknowledged that the legislature had left the aiding-and-abetting issue open but found it unnecessary to confront the issue.¹⁸³⁹

Three years later, in Sell v. Gama,¹⁸⁴⁰ the Supreme Court accepted jurisdiction of a special action that presented for decision whether the Arizona Securities Act (ASA) provides a stand-alone, separate basis for aiding and abetting securities fraud. The court held that it did not and overruled the 1979 Davis decision.¹⁸⁴¹ The court found the U.S. Supreme Court's decision in Central Bank persuasive and adopted Central Bank's reasoning in refusing to read a cause of action for aiding and abetting into the ASA.¹⁸⁴² The Sell court found it significant that the ASA nowhere mentions aiding and abetting and reasoned that the...