What is the legal test for liability for misleading disclosure in the United States?
Ontario, Canada
The following excerpt is from Kerr v. Danier Leather Inc., 2004 CanLII 8186 (ON SC):
Section 11 is not the only provision establishing civil liability for disclosure in the United States. Rule 10b-5, for example, provides for liability for misleading disclosure in connection with any purchase or sale of securities, and for any statement, written or oral. Rule 10b-5 overlaps s. 11: Huddleston v. Herman & Maclean, 640 F. 2d 534 at para. 14ff. Thus, the boundary of liability under s. 130(1) may differ from the boundary for s. 11 due to the difference in the legislative schemes of which the sections are a part.
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