304
Thomas, J., dissenting
Neither enactment suggests that Congress or the SEC intended to "softe[n] the blow on joint wrongdoers" by permitting contribution. Texas Industries, supra, at 639. Quite the contrary: As private actors "whose activities Congress [and the SEC] intended to regulate for the protection and benefit of an entirely distinct class," joint tortfeasors "can scarcely lay claim to the status of 'beneficiary' " under § 10(b) and Rule 10b-5. Piper v. Chris-Craft Industries, 430 U. S., at 37.
The "underlying . . . structure of the [1934 Act's] statutory scheme" also negates the existence of a 10b-5 contribution action. Northwest Airlines, 451 U. S., at 91. The Court notes the presence of express contribution rights under §§ 9 and 18 of the Act, but it misconstrues the significance of these provisions. See ante, at 296-298. The ability to legislate express contribution remedies under the 1934 Act applies with no less force to § 10(b) than to §§ 9 and 18. "When Congress wished to provide a [contribution] remedy . . . it had little trouble in doing so expressly." Blue Chip Stamps, supra, at 734. Nor has Congress lacked opportunities to modify the 10b-5 action. Within the last five years, Congress has both preserved and altered the 10b-5 action through amendments to the 1934 Act. Compare Insider Trading and Securities Fraud Enforcement Act of 1988, Pub. L. 100-704, § 5, 102 Stat. 4681 (stating that nothing in a new provision prohibiting insider trading "shall be construed to limit or condition . . . the availability of any cause of action implied from a provision of this title"), with 15 U. S. C. § 78aa-1 (1988 ed., Supp. III) (altering the retroactive effect of the 10b-5 limitations period that we adopted in Lampf, Pleva, Lipkind, Prupis & Petigrow v. Gilbertson, 501 U. S. 350 (1991)). See generally ante, at 293-294. Had Congress intended 10b-5 defendants to sue joint tortfeasors, a single enactment could have given effect to this policy. Congress' failure to act does not justify further judicial elaboration of the 10b-5 action.
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