Question: Jill makes a misleading statement in a client's registration statement. A purchaser of the security, Larissa, suffers a financial loss as a result of Jill's

"Jill makes a misleading statement in a client's registration statement. A purchaser of the security, Larissa, suffers a financial loss as a result of Jill's error and files a claim against Jill under Section

11

of the

1933

Securities Act. Jill can assert any of the following as defenses to Larissa's claim except"

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