298
Thomas, J., dissenting
404 U. S. 941 (1971). We consider this to be of particular importance because in the more than 20 years since a right to contribution was first recognized for 10b-5 defendants, DeHass v. Empire Petroleum Co., 286 F. Supp. 809, 815-816 (Colo. 1968), aff'd in part, vacated in part on other grounds, 435 F. 2d 1223 (CA10 1970), neither the Securities and Exchange Commission nor the federal courts have suggested that the contribution right detracts from the effectiveness of the 10b-5 implied action or interferes with the effective operation of the securities laws. See Brief for the Securities and Exchange Commission as Amicus Curiae 25-26. Absent any showing that the implied § 10(b) liability structure or the 1934 Act as a whole will be frustrated by finding a right to contribution paralleling the right to contribution in analogous express liability provisions, our task is complete and our resolution clear: Those charged with liability in a 10b-5 action have a right to contribution against other parties who have joint responsibility for the violation.
IV
The judgment of the Court of Appeals is affirmed.
It is so ordered.
Justice Thomas, with whom Justice Blackmun and Justice O'Connor join, dissenting.
In recognizing a private right to contribution under § 10(b) of the Securities Exchange Act of 1934 1 and Securities and Exchange Commission (SEC) Rule 10b-5,2 the Court unfortunately nourishes "a judicial oak which has grown from little more than a legislative acorn." Blue Chip Stamps v. Manor Drug Stores, 421 U. S. 723, 737 (1975). I respectfully dissent from the Court's decision to cultivate this new branch of Rule 10b-5 law.
1 15 U. S. C. § 78j(b).
2 17 CFR § 240.10b-5 (1992).
Page: Index Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 NextLast modified: October 4, 2007