Legal Opinion
Viterbi v. Wasserman
California Court of Appeal
Decided January 11, 2011No. D055209PublishedCited by 12 opinions
1Opinion of the Court
Opinion
NARES, J.
In this case we are presented with an issue of first impression in California: Does the remedy of rescission in a securities fraud claim brought under Corporations Code sections 25504 and 25504.11 require privity of contract between the plaintiff and defendant? In other words, can a purchaser of securities sue for rescission under sections 25504 and 25504.1, which provide for liability against “control persons” and “aiders and abettors,” if those persons or entities did not sell the security to the plaintiff? We conclude that privity of contract is necessary to maintain an…
2Cases cited19 opinions
- Herman & MacLean v. HuddlestonSupreme Court of the United States · 1983
- Pinter v. DahlSupreme Court of the United States · 1988
- Huddleston v. Herman & MacLeanCourt of Appeals for the Fifth Circuit · 1981
- The Johns Hopkins University v. William E. HuttonCourt of Appeals for the Fourth Circuit · 1970
- Goodman v. LozanoCalifornia Supreme Court · 2010
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3Cited by12 opinions
- AREI II CasesCalifornia Court of Appeal · 2013
- Federal Home Loan Bank v. Countrywide Financial Corp.California Court of Appeal · 2013
- Moss v. KronerCalifornia Court of Appeal · 2011
- Jackson v. FischerDistrict Court, N.D. California · 2013
- People v. BlackCalifornia Court of Appeal · 2017
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