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Say It Ain’T So!: How The Seventh Circuit's Holding In Edelson V. Ch'ien Unnecessarily Narrows The Scope Of Section 13(D)'S Implied Private Right Of Action, Mark A. Diomede

Seventh Circuit Review

Section 13(d) of the Williams Act was meant to insure that public shareholders were provided adequate information about the qualifications and intentions of third parties making cash tender offers or acquiring large blocks of shares in publicly held companies as a means to possibly contest company control. This Note discusses the cases of Edelson v. Ch’ien and Indiana National Corporation v. Rich, where the Seventh Circuit defined the scope of Section 13(d)’s implied cause of action and discussed standing to sue under the statute. In Indiana National, the Seventh Circuit took a broad stance apropos Section 13(d), allowing for …