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← Series 63: Remedies & Administrative Provisions
Series 63 practice questionhardCivil Liabilities — Joint and Several Liability

An agent and his employing broker-dealer both participated in a fraudulent securities sale. Under the USA, the client may:

  1. ARecover the full amount of damages from either or both parties under joint and several liability✓ Correct answer
  2. BOnly recover from the broker-dealer as the supervising entity
  3. COnly recover from the agent who made the sale
  4. DRecover only a proportional share of damages from each party
Explanation

Why A — Recover the full amount of damages from either or both parties under joint and several liability

USA Section 410(c) makes specified controlling and materially aiding persons jointly and severally liable, subject to its statutory defense, and recognizes contribution among liable persons. The buyer may recover the judgment from one or more jointly liable parties.

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