266
Opinion of the Court
tion was a "but for" cause of plaintiff's injury. Cf. Associated General Contractors of Cal., Inc. v. Carpenters, 459 U. S. 519, 529 (1983). This construction is hardly compelled, however, and the very unlikelihood that Congress meant to allow all factually injured plaintiffs to recover 10 persuades us that RICO should not get such an expansive reading.11
Not even SIPC seriously argues otherwise.12
define "racketeering activity" to include "any act which is indictable under . . . section 1341 (relating to mail fraud), [or] section 1343 (relating to wire fraud), . . . or . . . any offense involving . . . fraud in the sale of securities . . . ."
10 "In a philosophical sense, the consequences of an act go forward to eternity, and the causes of an event go back to the dawn of human events, and beyond. But any attempt to impose responsibility upon such a basis would result in infinite liability for all wrongful acts, and would 'set society on edge and fill the courts with endless litigation.' " W. Keeton, D. Dobbs, R. Keeton, & D. Owen, Prosser and Keeton on Law of Torts § 41, p. 264 (5th ed. 1984) (quoting North v. Johnson, 58 Minn. 242, 245, 59 N. W. 1012 (1894)). As we put it in the antitrust context, "An antitrust violation may be expected to cause ripples of harm to flow through the Nation's economy; but despite the broad wording of § 4 [of the Clayton Act, 15 U. S. C. § 15,] there is a point beyond which the wrongdoer should not be held liable." Blue Shield of Virginia v. McCready, 457 U. S. 465, 476-477 (1982) (internal quotation marks and citation omitted).
11 The Courts of Appeals have overwhelmingly held that not mere factual, but proximate, causation is required. See, e. g., Pelletier v. Zweifel, 921 F. 2d 1465, 1499-1500 (CA11), cert. denied, 502 U. S. 855 (1991); Ocean Energy II, Inc. v. Alexander & Alexander, Inc., 868 F. 2d 740, 744 (CA5 1989); Brandenburg v. Seidel, 859 F. 2d 1179, 1189 (CA4 1988); Sperber v. Boesky, 849 F. 2d 60 (CA2 1988); Haroco, Inc. v. American National Bank & Trust Co. of Chicago, 747 F. 2d 384, 398 (CA7 1984), aff'd, 473 U. S. 606 (1985) (per curiam). Indeed, the court below recognized a proximate-cause requirement. See Securities Investor Protection Corporation v. Vigman, 908 F. 2d 1461, 1468 (CA9 1990).
12 SIPC does say that the question whether its claim must, and as alleged may, satisfy the standard of proximate causation is not within the question on which we granted certiorari. See Brief for Respondent 3, 33, 34, 38-39. However, the proximate-cause issue is "fairly included" within that question. See this Court's Rule 14.1(a). SIPC's own restatement of the question presented reads: "Was the Ninth Circuit correct when it held that SIPC need not be a 'purchaser or seller' of securities to sue under Section 1964(c), which provides that 'any person' may sue for 'injury to
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