Iit, An International Investment Trust v. Bernard Cornfeld

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• stating that “Congress would have been considerably more interested in assuring against the fraudulent issuance of securities constituting obligations of American rather than purely foreign business”
• “there may be a nexus between the degree of scienter and the requirement that the alleged aider and abettor render ‘substantial assistance’ ”
• outside accountant was held to have no duty to correct an allegedly false and misleading prospectus issued by the corporate defendants
• “Accountants do have a duty to take reasonable steps to correct misstatements they have discovered in previous financial statements on which they know the public is relying.”
• “[I]naction can create aider and abettor liability only when there is a conscious or reckless violation of an independent duty to act.”

Source: CourtListener parenthetical corpus (CC0).