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Application of Respondeat Superior Principles to Securities Fraud Claims Under the Racketeer Influenced and Corrupt Organizations Act (RICO)

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Keywords
  • Securities Law
  • Securities Fraud
  • Rico

Abstract

Application of Respondeat Superior Principles to Securities Fraud Claims Under the Racketeer Influenced and Corrupt Organizations Act (RICO) Pace University [email protected] Pace Law Faculty Publications School of Law 1-1-1984 Application of Respondeat Superior Principles to Securities Fraud Claims Under the Racketeer Influenced and Corrupt Organizations Act (RICO) Barbara Black Pace Law School Follow this and additional works at: http://digitalcommons.pace.edu/lawfaculty This Article is brought to you for free and open access by the School of Law at [email protected] It has been accepted for inclusion in Pace Law Faculty Publications by an authorized administrator of [email protected] For more information, please contact [email protected] Recommended Citation Black, Barbara, "Application of Respondeat Superior Principles to Securities Fraud Claims Under the Racketeer Influenced and Corrupt Organizations Act (RICO)" (1984). Pace Law Faculty Publications. Paper 9. http://digitalcommons.pace.edu/lawfaculty/9 ARTICLES APPLICATION OF RESPONDEAT SUPERIOR PRINCIPLES TO SECURITIES FRAUD CLAIMS UNDER THE RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS ACT (RICO) Barbara Black* The Racketeer Influenced and Corrupt Organizations Act (RICO)' was enacted in 1970 as part of an overall congressional effort to combat organized crime.¶ The statutory language, however, lends itself to applications beyond the Act's primary purpose and can encompass ordinary commercial and business fraud claims. Plaintiffs alleging securities fraud violations under section 10(b) of the Securi- ties Exchange Act of 1934 (the "Exchange Act")8 and its rule lob-5' now routinely add claims alleging RICO violations. Because a plain- tiff who establishes injury resulting from a RICO violation can re- cover treble damages, the settlement value of his claims is signifi- cantly enhan~ed.~ As this aspect of RICO has become more widely 0 1984 by Barbara Black. B.A. 1970,

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