Second Circuit Limits Protections of Bespeaks Caution Doctrine to Forward-Looking Statements | White & Case LLP International Law Firm, Global Law Practice
Second Circuit Limits Protections of Bespeaks Caution Doctrine to Forward-Looking Statements

Second Circuit Limits Protections of Bespeaks Caution Doctrine to Forward-Looking Statements

The US Second Circuit Court of Appeals recently overturned a decision by the District Court for the Southern District of New York, ruling that the "bespeaks caution" defense to securities disclosure claims applies exclusively to forward-looking statements and not to characterizations that communicate present or historical fact. Iowa Public Employees' Retirement System v. MF Global Ltd. is significant because it underscores the limits of general risk factor and other cautionary disclosures with respect to inaccurate or incomplete statements of present or historical fact.

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