What Scheme Liability Really Would Have Deterred

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It bothers the legal scholars to see the court make decisions based on policy rather than legal doctrine but we couldn't help but smile when we read Justice Anthony Kennedy noticing that the "scheme liability" scam urged on the court by trial lawyers would likely deter companies from offering securities on U.S. exchanges.
"Overseas firms with no other exposure to our securities laws could be deterred from doing business here," Kennedy wrote in the majority opinion for Stoneridge. "This, in turn, may raise the cost of being a publicly traded company under our law and shift securities offerings away from domestic capital markets."
Maybe it's not properly the court's job to worry about that but it's nice to know that someone is.

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