196
Stevens, J., dissenting
utes of this kind broadly to accord with their remedial purposes and regularly approved rights to sue despite statutory silence.
Even had § 10(b) not been enacted against a backdrop of liberal construction of remedial statutes and judicial favor toward implied rights of action, I would still disagree with the majority for the simple reason that a "settled construction of an important federal statute should not be disturbed unless and until Congress so decides." Reves v. Ernst & Young, 494 U. S. 56, 74 (1990) (Stevens, J., concurring). See Blue Chip Stamps v. Manor Drug Stores, 421 U. S. 723, 733 (1975) (the "longstanding acceptance by the courts" and "Congress' failure to reject" rule announced in landmark Court of Appeals decision favored retention of the rule).6 A
policy of respect for consistent judicial and administrative interpretations leaves it to elected representatives to assess settled law and to evaluate the merits and demerits of changing it.7 Even when there is no affirmative evidence of rati-6 None of the cases the majority relies upon to support its strict construction of § 10(b), ante, at 173-175, even arguably involved a settled course of lower court decisions. See Mertens v. Hewitt Associates, 508 U. S. 248 (1993); Pinter v. Dahl, 486 U. S. 622, 635, n. 12 (1988); Chiarella v. United States, 445 U. S. 222, 229, n. 11 (1980); Sante Fe Industries, Inc. v. Green, 430 U. S. 462, 475-476, n. 15 (1977); Ernst & Ernst v. Hochfelder, 425 U. S. 185, 191-192, n. 7 (1976).
7 Of course, when a decision of this Court upsets settled law, Congress may step in to reinstate the old law, cf. Securities Exchange Act § 27A, as added by Pub. L. 102-242, § 476, 105 Stat. 2236, 2387, codified at 15 U. S. C. § 78aa-1 (1988 ed., Supp. IV) (providing that relevant state limitations period should govern actions pending when Lampf, Pleva, Lipkind, Prupis & Petigrow v. Gilbertson, 501 U. S. 350 (1991), came down). However, we should not lightly heap new tasks on the Legislature's already full plate. Moreover, congressional efforts to address the problems posed by judicial decisions that disrupt settled law frequently create special difficulties of their own. See, e. g., Plaut v. Spendthrift Farm, Inc., 1 F. 3d 1487 (CA6 1993) (holding § 27A unconstitutional), cert. pending, No. 93- 1121; Pacific Mut. Life Ins. Co. v. First RepublicBank Corp., 997 F. 2d 39 (CA5 1993) (upholding it), cert. granted, 510 U. S. 1039 (1994). See also Rivers v. Roadway Express, Inc., post, at 304-313.
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