Cite as: 508 U. S. 286 (1993)
Syllabus
private right of action as an express provision in the Act. See, e. g., Lampf, Pleva, Lipkind, Prupis & Petigrow v. Gilbertson, 501 U. S. 350, 359. Two sections of the 1934 Act containing express private rights of action, §§ 9 and 18, are close in structure, purpose, and intent to the 10b-5 action, and each explicitly provides for a right of contribution. See 15 U. S. C. §§ 78i(e) and 78r(b). Consistency and coherence therefore require that a like contribution rule be adopted for 10b-5 actions. Moreover, there is no evidence this rule will impede the purposes of the 10b-5 action; in the more than 20 years since the federal courts first recognized a right to contribution for 10b-5 defendants, there has been no showing that the right detracts from the effectiveness of the 10b-5 implied action or interferes with the effective operation of the securities laws. Pp. 294-298. 954 F. 2d 575, affirmed.
Kennedy, J., delivered the opinion of the Court, in which Rehnquist, C. J., and White, Stevens, Scalia, and Souter, JJ., joined. Thomas, J., filed a dissenting opinion, in which Blackmun and O'Connor, JJ., joined, post, p. 298.
Charles A. Bird argued the cause for petitioners. With him on the brief were Robert G. Steiner, Alvin M. Stein, and Mark I. Schlesinger.
Theodore B. Olson argued the cause for respondents. Lawrence H. Nagler, Nanci E. Murdock, Robert M. Zabb, and Darrin F. Meyer filed a brief for respondents Employers Insurance of Wausau et al. Andrew J. Pincus, Kenneth S. Geller, William J. Reifman, Michael A. Vatis, Leonard P. Novello, Richard I. Miller, and Dean I. Ringel filed a brief for respondents Peat Marwick Main & Co. et al.
Robert A. Long, Jr., argued the cause for the Securities and Exchange Commission as amicus curiae urging affirmance. With him on the brief were Acting Solicitor General Bryson, Deputy Solicitor General Mahoney, Michael R. Dreeben, Paul Gonson, Jacob H. Stillman, Eric Summer-grad, and Judith R. Starr.*
*Paul F. Bennett, David B. Gold, William S. Lerach, and Kevin P. Roddy filed a brief for the National Association of Securities and Commercial Law Attorneys as amicus curiae urging reversal.
Briefs of amici curiae urging affirmance were filed for the American Institute of Certified Public Accountants by Louis A. Craco and Russell
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