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A Post-Santa Fe Blueprint For Courts In Rule 10b-5 - Actions For Breach Of Fiduciary Duty: Kidwell V. Meikle, Richard L. Sisisky

University of Richmond Law Review

Pursuant to the Securities Exchange Act of 1934, the Securities and Exchange Commission adopted SEC Rule 10b-5. Introduced without much fanfare in 1942, the Rule's potential effect was not then fully appreciated. There is no question that over the years the courts have interpreted the broad language of rule 10b-5 expansively, and while a great deal of the law governing securities matters is reflected in circuit court opinions, the Supreme Court has recently undertaken an active role in determining the scope of rule 10b-5. In the recent case of Santa Fe Industries, Inc. v. Green, the Supreme Court held that …