Labels:book | reckoner | sky | tree OCR: The scienter standard employed the majority of the court appeals allows liabilty based upon reck kiessness, while same time attempting to adhere to the scienter requirements of Ernst Ernst Unless Ernst Ernst's tcach- ings as to the purpose of 10(h) are be entirety abandoncd recklessness can be sufficicnt unly where there some legiti- male basis for considering the recl kless conduct tc akin manipulative or deceptive device OT contrivance The majority rule's requirement of actual knowledge 01 conscious intent in the absence 11 Kinp to disclose or act secks provide this basis 4 This Court has recognized in the securi ties context that canduct which would otherwise not be actionable can rise 01 the level of fraud where the defendant owed some sort of duty particularly disclosure duly, tu the ...
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