Securities law - insider trading - Fourth Circuit rejects misappropriation theory of Rule 10b-5 fraud liability
Article Abstract:
The US Court of Appeals for the Fourth Circuit has erred in ruling in United States v. Bryan that the misappropriation theory should not be applied in securities fraud actions under Rule 10b-5. The court's decision was based on textual and policy arguments. What the court failed to consider is that much of the law that has developed around the private right of action under Rule 10b-5 is judge-made law. This disapproval, paired with acceptance of the misappropriation theory in most other circuits, may force the US Supreme Court to address approval of the theory.
Publication Name: Harvard Law Review
Subject: Law
ISSN: 0017-811X
Year: 1995
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The Securities and Exchange Commission and corporate social transparency
Article Abstract:
The Securities and Exchange Commission should mandate "social disclosure" by American financial markets to promote corporate "social transparency." Social disclosure would include information on a firm's products, the nations in which it does business, its law compliance structure, its labor practices and the effect of the business on the environment. A mandatory social transparency rule would compliment existing financial transparency requirements and be consistent with Congress's statutory authorization to the SEC.
Publication Name: Harvard Law Review
Subject: Law
ISSN: 0017-811X
Year: 1999
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Tort law - indirect reliance - New Jersey Supreme Court rejects fraud-on-the-market theory
Article Abstract:
The author discusses a case in which the New Jersey Supreme Court declined to apply the US Supreme Court's fraud-on-the-market doctrine, applicable to federal securities cases, to state common law securities fraud actions.
Publication Name: Harvard Law Review
Subject: Law
ISSN: 0017-811X
Year: 2001
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- Abstracts: Criminal law - sentencing guidelines - Second Circuit rejects Fifth Amendment challenge to disclosure criteria under the federal Sentencing Guidelines
- Abstracts: Insider signaling and insider trading with repurchase tender offers. Civil procedure - D.C. Circuit rejects sliding scale approach to finding personal jurisdiction based on Internet contacts -GTE New Media Services v. BellSouth Corp
- Abstracts: Federalism - intergovernmental relations - Congress requires a separate recorded vote for any provision establishing an unfunded mandate. - Unfunded Mandates Reform Act of 1995, Pub. L. No. 104-4, 109 Stat. 48