302
Thomas, J., dissenting
tive weight on the existence of contribution rights under §§ 9 and 18 of the Act. See ante, at 296-298.
The proper analysis flows from our well-established approach to implied causes of action in general and to implied rights of contribution in particular. When deciding whether a statute confers a private right of action, we ask whether Congress—either expressly or by implication—intended to create such a remedy. Touche Ross, 442 U. S., at 575; Trans-america Mortgage Advisors, Inc. v. Lewis, 444 U. S. 11, 15- 16, 24 (1979). Where Congress did not expressly create a contribution remedy, we may infer that Congress nevertheless intended by clear implication to confer a right to contribution. Texas Industries, supra, at 638; Northwest Airlines, supra, at 90. Through the exercise of their power to craft federal common law, federal courts may also fashion a right to contribution. Texas Industries, supra, at 638; Northwest Airlines, supra, at 90.
Application of this familiar analytical framework compels me to conclude that there is no right to contribution under § 10(b) and Rule 10b-5. With respect to fashioning a common-law right to contribution, the Court readily and correctly concludes that the right to contribution recognized in Cooper Stevedoring Co. v. Fritz Kopke, Inc., 417 U. S. 106 (1974), has no bearing on the availability of contribution under the elaborate federal statutory scheme governing purchases and sales of securities. Ante, at 290. See also Texas Industries, supra, at 640-646; Northwest Airlines, supra, at 95-98. This case therefore depends exclusively on the interpretation of § 10(b) and Rule 10b-5.
II
" 'The starting point in every case involving construction of a statute is the language itself.' " Ernst & Ernst, supra, at 197 (quoting Blue Chip Stamps, 421 U. S., at 756 (Powell, J., concurring)). Nothing in the words of § 10(b) and Rule
Page: Index Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 NextLast modified: October 4, 2007