166
Opinion of the Court
aiding and abetting statute applicable to all federal criminal offenses. The logical consequence of the SEC's approach would be the implication of a civil damages cause of action for every criminal statute passed for the benefit of some particular class of persons. That would work a significant and unacceptable shift in settled interpretive principles. Pp. 190-191.
969 F. 2d 891, reversed.
Kennedy, J., delivered the opinion of the Court, in which Rehnquist, C. J., and O'Connor, Scalia, and Thomas, JJ., joined. Stevens, J., filed a dissenting opinion, in which Blackmun, Souter, and Ginsburg, JJ., joined, post, p. 192.
Tucker K. Trautman argued the cause for petitioner. With him on the briefs was Van Aaron Hughes.
Miles M. Gersh argued the cause for respondents. With him on the brief was James S. Helfrich.
Edwin S. Kneedler argued the cause for the Securities and Exchange Commission as amicus curiae urging affirmance. With him on the brief were Solicitor General Days, Paul Gonson, Jacob H. Stillman, and Brian D. Bellardo.*
Justice Kennedy delivered the opinion of the Court.
As we have interpreted it, § 10(b) of the Securities Exchange Act of 1934 imposes private civil liability on those who commit a manipulative or deceptive act in connection with the purchase or sale of securities. In this case, we
*Theodore B. Olson, Theodore J. Boutrous, Jr., and William J. Fitzpatrick filed a brief for the Securities Industry Association as amicus curiae urging reversal.
Briefs of amicus curiae urging affirmance were filed for the Association of the Bar of the City of New York by Harvey J. Goldschmid, John D. Feerick, Sheldon H. Elsen, and Jill E. Fisch; and for the Trial Lawyers for Public Justice, P. C., et al. by Priscilla R. Budeiri and Arthur H. Bryant.
Briefs of amici curiae were filed for the American Institute of Certified Public Accountants by Louis A. Craco, Richard I. Miller, and David P. Murray; and for the National Association of Securities and Commercial Law Attorneys by William S. Lerach, Leonard B. Simon, Kevin P. Roddy, and Paul F. Bennett.
Page: Index Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 NextLast modified: October 4, 2007