Law Commons^™

An Essay: Six Competing Currents Of Rule 10b-5 Jurisprudence, David M. Phillips

David M. Phillips

During the 1970’s and 1980’s, the United States Supreme Court decided a number of cases in which the Justices wrestled with the elements and scope of Rule 10b-5, promulgated by the Securities and Exchange Commission under Section 10(b) of the Securities Exchange Act of 1934. Some of these cases were civil – private parties suing other parties for alleged violations of the rule, others were administrative enforcement actions brought by the SEC itself, and a few were criminal cases. Despite the different character of the cases, one could discern certain competing themes, or currents, espoused by different justices in these …