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Dirks Vs. Sec
Cites for this judgment
- US Supreme Court
- Jul 01, 1983
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U.S. 646 (1983) U.S. Supreme Court Dirks v. SECSearch
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U.S. 646 (1983) Dirks v. SECSearch
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of nonpublic market information. Such a duty arises rather from the existence of a fiduciary relationship. Chiarella v. UnitedSearch
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S.E.C. Docket 1401, 1407 (1981) (footnote omitted) (quoting Chiarella v. UnitedSearch
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however, come within the ambit of Rule 10b-5. Santa Fe Industries, Inc. v. GreenSearch
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insiders.' Shapiro v. MerrillSearch
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F.2d 228, 237 (CA2 1974) (quoting Ross v. LichtSearch
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United States v. ChiarellaSearch
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Brief any citation in this list with AI Studio
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U. S. 267 , 341 U. S. 272 (1951). See Jackson v. SmithSearch
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U.S. at 341 U. S. 271 . See SEC v. TexasSearch
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shareholders, Aaron v. SECSearch
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conduct of the business of the enterprise and are given access to information solely for corporate purposes. See SEC v. MonarchSearch
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a person breaches his fiduciary relationship, he may be treated more properly as a tipper than a tippee. See Shapiro v. MerrillSearch
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disclosures and uses, neither corporate insiders nor analysts can be sure when the line is crossed. Cf. Adler v. KlawansSearch
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exists only where there has been a breach of trust by an insider of which the tippee had knowledge. See, e.g., Ross v. LichtSearch
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that the disclosure did not impose any fiduciary duties on the recipient of the inside information is Walton v. MorganSearch
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Ernst & Ernst v. HochfelderSearch
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U. S. 193 -194, n. 12 (1976) -- is an independent element of a Rule 10b-5 violation. See Aaron v. SECSearch
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Court. See Brief for Respondent 21, n. 27. The merits of such a duty are therefore not before the Court. See SEC v. ChenerySearch
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U. S. 654 -655. Moreover, to constitute a violation of Rule 10b-5, there must be fraud. See Ernst & Ernst v. HochfelderSearch
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See Chiarella v. UnitedSearch
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extends as well to purchasers of the corporation's securities. Id. at 445 U. S. 227 , n. 8, citing Gratz v. ClaughtonSearch
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The affirmative duty of disclosure protects Page 463 U. S. 673 against this injury. See Pepper v. LittonSearch
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Page 463 U. S. 675 This conclusion is borne out by the Court's decision in Mosser v. DarrowSearch
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like Secrist, the trustee intended that others would abuse the inside information for their personal gain. Cf. Dodge v. FordSearch
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from the information they obtained from Secrist. Misprision of a felony long has been against public policy. Branzburg v. HayesSearch
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Blue Chip Stamps v. ManorSearch
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Piper v. ChrisCraftSearch
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Chiarella v. UnitedSearch
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intent that the securities laws be interpreted flexibly to protect investors, see Affiliated Ute Citizens v. UnitedSearch
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SEC v. CapitalSearch
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decisions the deference it normally gives to an agency's interpretation of its own statute. See, e.g., Blum v. BaconSearch
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can recover for the corporation damages for any injury the insider causes by the breach of this distinct duty, Diamond v. OreamunoSearch
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Thomas v. RoblinSearch
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Of course, an insider is not liable in a Rule 10b-5 administrative action unless he has the requisite scienter. Aaron v. SECSearch
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does not believe that the information is material or nonpublic, he also lacks the necessary scienter. Ernst & Ernst v. HochfelderSearch
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trading on that information if it believes that the insider has not breached any duty to his shareholders. See Walton v. MorganSearch
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U.S. Supreme Court Dirks v. SECSearch
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Shapiro v. MerrillSearch
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Ross v. LichtSearch
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See Jackson v. SmithSearch
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See SEC v. TexasSearch
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See SEC v. MonarchSearch
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