SELL v. GAMA

No. CV-12-0211-PR.

295 P.3d 421 (2012)

James C. SELL, Trustee of the Participating Trust established under Debtors' First Amended Joint Plan of Reorganization dated 7-7-06 in U.S. Bankruptcy Case No. 05-27993-PHX-GBN, on behalf of the Trust's Participating Investors, Petitioner, v. The Honorable J. Richard GAMA, Judge of the Superior Court of the State of Arizona, in and for the County of Maricopa, Respondent Judge, Squire & Company, PC, a Utah professional corporation; Lynn G. Hillstead and Jane Doe Hillstead, husband and wife; Dwayne Asay and Jane Doe Asay, husband and wife; Lewis and Roca, LLP, an Arizona limited liability partnership; Keith Beauchamp and Juliet Lim, husband and wife, Real Parties in Interest.

Supreme Court of Arizona, En Banc.

May 10, 2012.


Attorney(s) appearing for the Case

Sherman & Howard LLC By Robert C. Hackett , Thomas M. Quigley , David W. Garbarino , Jamey G. Anderson , Phoenix, Attorneys for James C. Sell.

Perkins Coie LLP By H. Michael Clyde , Todd R. Kerr , Tony Caliendo , Phoenix, Attorneys for Squire & Company, PC, Lynn G. Hillstead, Jane Doe Hillstead, Dwayne Asay, and Jane Doe Asay.

Osborn Maledon PA By William J. Maledon , Geoffrey M.T. Sturr , Thomas L. Hudson , James K. Rogers , Phoenix, Attorneys for Lewis and Roca LLP, Keith Beauchamp, and Juliet Lim.

Arizona Corporation Commission, By Matthew J. Neubert , Julie A. Coleman , Phoenix, Attorneys for Amicus Curiae Arizona Corporation Commission.

Begam & Marks PA By Stanley J. Marks , Phoenix, Attorney for Amicus Curiae Public Justice, PC.

Mitchell & Associates By Sarah K. Deutsch and Tiffany & Bosco PA By Richard G. Himelrick , Phoenix, Attorneys for Amicus Curiae Mortgages Ltd. Investors.


OPINION

PELANDER, Justice.

¶ 1 We granted review to determine whether the Arizona Securities Act ("ASA"), A.R.S. §§ 44-1801 to -2126, authorizes a cause of action for secondary liability based on aiding and abetting others' primary securities fraud. More than three decades ago, based on federal case law that has since changed, we recognized such aiding and abetting claims. State v. Superior Court (Davis), 123...

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