Central Bank of Denver, N.A. v. First Interstate Bank of Denver, N.A

In Central Bank of Denver, N.A. v. First Interstate Bank of Denver, N.A. (1994) 511 U.S. 164, the high court looked at the question of whether private civil liability under section 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78j) extends as well to those who do not engage in the manipulative or deceptive practice, but who aid and abet the violation. In addressing the issue, the court looked at private causes of action in both the 1933 Securities Act and 1934 Securities Exchange Act, and specifically reviewed section 9 of the 1934 act. The court concluded that "none of the express causes of action in the 1934 Act further imposes liability on one who aids or abets a violation." ( Central Bank, at p. 179.)