Secondary actors (such as an accountant,lawyer,or bank)can be held liable in private suits alleging violations of Section 10(b)if their conduct satisfies the requirements for primary liability.

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Secondary actors can be held liable in private suits for violations of Section 10(b) of the Securities Exchange Act of 1934 if their conduct satisfies the requirements for primary liability under the statute. This means that they can be held responsible for their own actions that directly contributed to the alleged violation, such as making false statements, omitting material information, or engaging in fraudulent or deceptive practices. This principle has been established through various court decisions, including the Supreme Court's ruling in Central Bank of Denver, N.A. v. First Interstate Bank of Denver, N.A. (1994), which clarified the scope of secondary liability under Section 10(b).

Secondary Actors (Such as an Accountant,lawyer,or Bank)can Be Held Liable