Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Sunday, August 21, 2011

Pinto on The Supreme Court & the 10b-5 Implied Remedy

The United States Supreme Court and Implied Causes of Action Under SEC Rule 10b-5: The Politics of Class Actions, by Arthur R. Pinto, Brooklyn Law School, was recently posted on SSRN.  Here is the abstract:

The chapter discusses how changing attitudes toward class actions have influenced the Supreme Court in cases involving implied private causes of action under Sec Rule 10b-5. As the makeup of the Court changed and issues concerning litigation and class actions became part of the political landscape, the Court’s view of these actions changed. Initially its view was a broad one based upon the need for flexibility and to promote the remedial purposes of the law in order to protect investors and the markets. But societal concerns about litigation abuses and judicial activism and a more pro business attitude moved the Court to narrow the reach of the law and these class actions. Over time new concerns about economic competiveness and global issues involving U.S. stock markets reflected in politics at the time also were important to the Court and reflected in its decisions. This history of the development of these private causes of action and the Court’s interpretation of SEC Rule 10b-5 illustrate how the politics of class actions and shifting attitudes and concerns reflected in society influenced its decisions and development of the law.

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