Title

Expanded Liability under Section 12 of the Securities Act: When Is a Seller not a Seller?

Abstract

The language of section 12 of the Securities Act of 1933 limits the scope of potential defendants thereunder to those people who offer or sell a security. The courts have consistently expanded the class of eligible section 12 defendants to include people who do not fit the traditional notion of a "seller." The author traces that judicial expansion and suggests that the most recent cases may be developing a more realistic, though still imperfect, approach to section 12 liability.

Keywords

Securities Act of 1933

Publication Date

1997

Document Type

Article

Publication Information

27 Case Western Reserve Law Review 445 (1977)

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