{
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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/industry-standards",
 "identifier": "kaal:entity:industry-standards",
 "name": "Industry standards",
 "termCode": "industry-standards",
 "inDefinedTermSet": {
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 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2811718-021",
   "identifier": "kaal:claim:2811718-021",
   "text": "Failing to check publicly available documentation on an investment is irresponsible but insufficient to plead fraudulent intent, and failing to perform due diligence commensurate with industry standards is inadequate to plead scienter.",
   "abstract": "While irresponsible, the lack of checking public documentation on an investment is insufficient to plead fraudulent intent,102 and \"[failing] to perform due diligence commensurate with industry standards is inadequate to plead scienter.",
   "citation": "Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016). SSRN: https://ssrn.com/abstract=2811718",
   "datePublished": "2016",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "securities fraud pleading",
    "Matana v. Merkin and In re Bayou Hedge Fund Litigation"
   ],
   "source_pdf_sha256": "b52152af561288173840a1cabbcf8f4b337e73507c856ee01600799073f4156f",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2811718-033",
   "identifier": "kaal:claim:2811718-033",
   "text": "Expert consensus in the examined litigation record converges on a set of standard due diligence practices, beginning with qualitative review of firm marketing materials, offering documents, subscription documents, and manager track records, and onsite manager meetings.",
   "abstract": "applicable standard private fund IDD industry practices, as stipulated in the examined litigation record, include: qualitative review of firm \"marketing materials, offering documents, subscription documents, manager track record[s]\"243; onsite manager meetings;",
   "citation": "Wulf A. Kaal, Private Fund Investor Due Diligence – Evidence from 1995 to 2015 (2016). SSRN: https://ssrn.com/abstract=2811718",
   "datePublished": "2016",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "expert reports surveyed through Westlaw Expert Materials"
   ],
   "source_pdf_sha256": "b52152af561288173840a1cabbcf8f4b337e73507c856ee01600799073f4156f",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3067615-031",
   "identifier": "kaal:claim:3067615-031",
   "text": "Private initiatives are emerging to fill the ICO disclosure and rating gap, including a joint venture between Ambisafe and the rating agency ICOrating created to ensure high quality standards and support investor due diligence.",
   "abstract": "To combat these shortcomings, a private initiative, a joint-venture between Ambisafe Inc.59 and the Russian-based rating agency ICOrating,60 has been created to ensure high-quality standards, supporting investors in their due-diligence",
   "citation": "Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615",
   "datePublished": "2017",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "ICO market as of November 2017"
   ],
   "source_pdf_sha256": "164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'industry-standards'. Derived node: a roster, not an adjudicated definition."
}