Late last year, the U.S. Court of Appeals for the Second Circuit, inUnited States v. Litvak, held that expert testimony regarding how a “specialized securities market” operated '
Expert Testimony on Industry Practice
Recently, the Second Circuit held that expert testimony regarding how a "specialized securities market" operated was relevant and potentially "highly" probative of the question of whether the defendant's misstatements to investors were material. Because juries are tasked with determining materiality, the notion that experts can opine on overarching industry practice that is not case-specific appears surprising.
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