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Can Sophisticated Investors Be Defrauded? Two Cases Raise Hurdles

Can Sophisticated Investors Be Defrauded? Two Cases Raise Hurdles

The decision sends a strong message to federal prosecutors that Mr. Litvak’s case should not be tried a third time. When two sides are negotiating a deal, and they have equal access to information, then what one side says — or misstates — about value may not be enough to prove fraud.

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