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Implied Rights Of Action, Tamar Frankel
Implied Rights Of Action, Tamar Frankel
Faculty Scholarship
In Transamerica Mortgage Advisors, Inc. (TAMA) v. Lewis,1 the United States Supreme Court declined to imply a private right of action for damages under the Investment Advisers Act of 1940.2 Transamerica is the most recent of a series of Supreme Court decisions limiting the availability and scope of implied private actions under the federal securities laws.3 It stands in sharp contrast to J.L Case Co. v. Borak,4 a 1964 decision in which the Court seemed to extend an open invitation to "private attorneys general" to supplement SEC enforcement with private damage actions.
The Court's withdrawal from …