Into the Breach: State Regulators, Private Litigants, and Securities Enforcement
Author: Ilan Graff.; C. Dabney O’Riordan.; Daniel Liberman.; Lydia Saltzbart.
Source: Volume 58, Number 12, June 15 2025 , pp.149-155(7)
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Abstract:
As federal enforcement priorities shift, actions brought by state authorities and private litigants continue to serve as significant enforcement mechanisms within the financial markets. History demonstrates that these alternative actors can impose substantial costs and risks on market participants. This article examines how these other enforcement actors have historically responded to perceived federal gaps, and highlights key risks and strategic considerations for companies and counsel operating in today’s evolving regulatory environment.Keywords: State Securities Regulators; Sources of State Securities Enforcement Authority; Sources of Private Civil Liability
Affiliations:
1: Fried, Frank, Harris, Shriver & Jacobson LLP; 2: Fried, Frank; 3: Fried, Frank; 4: Fried, Frank.