Law Commons^™

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 …