Section 45 Fraud in the Sale of Securities Generally

• Library: Bus Trans 2005

Section 12(a)(2), 15 U.S.C. § 77l(a)(2), of the 1933 Act creates a civil liability, and a private right of action, for fraud in the offers or sales of securities. This section is sometimes attractive to potential plaintiffs because it does not require scienter or reliance as an element of its cause of action. A detriment of this...