“Officially, that has no bearing on his culpability, but practically, it can only help,” said Ronald J. Colombo, a professor at Hofstra Law School. “If he was relating on advice from arguably one of the best law firms in the country, that helps him.”
There’s also the real possibility that Wachtell’s advice was on point, Colombo and others said. Securities laws do not require public companies to disclose forward-looking statements, but when they decide to do so, they need to be truthful, according to attorneys. And nobody expects Wachtell told Bank of America and Lewis to lie.
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