Securities Law Commons^™

Myth Of The Attorney Whistleblower, Carliss N. Chatman

SMU Law Review

Notwithstanding the political grandstanding and legal regimes put in place to prevent the next Enron, this article explores whether attorney whistleblower provisions provided in the Standards of Professional Con- duct for Attorneys Appearing and Practicing Before the Commission in the Representation of an Issuer and in the Model Rules of Professional Con- duct are effective. When faced with attorney involvement in Enron, Congress passed § 307 of the Sarbanes Oxley Act (Sarbanes), which required the Securities and Exchange Commission (SEC) to amend its standards governing the conduct of attorneys practicing before the SEC. In response, the SEC and the American …

The Corporate/Securities Attorney As A 'Moving Target' - Client Fraud Dilemmas, Marc I. Steinberg

Faculty Journal Articles and Book Chapters

This Paper analyzes the enhanced responsibilities and liability concerns that corporate/securities attorneys have in the post-Enron era. State ethical rules, SEC pronouncements, and court decisions are addressed. The ramifications of the Sarbanes-Oxley Act with respect to its impact on legal counsel also are explored. The Paper also provides insight focusing on the business attorney's role as counselor and gatekeeper when faced with the prospect of client fraud.

Attorney Liability Under The State Securities Laws: Landscapes And Minefields, Marc I. Steinberg, Chris Classen

Faculty Journal Articles and Book Chapters

Attorneys face significant liability exposure under the state securities laws, and they can be held primarily liable when they are "sellers" of securities, or under some state statutes, like California, when they are experts. Depending on the applicable jurisdiction and counsel's status relative to the subject client, secondary liability may be incurred. In a number of states, counsel has liability exposure based on materially aiding the primary violator with the requisite intent.

This article surveys and analyzes attorney liability under state securities law. After presenting a succinct overview of applicable state law in Part II, the article then provides a …