Chiarella v. United States
1980 United States Supreme Court case / From Wikipedia, the free encyclopedia
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Chiarella v. United States, 445 U.S. 222 (1980), is a case in which the Supreme Court of the United States held that an employee of a printer handling corporate takeover bids who deduced target companies' identities and dealt in their stock without disclosing his knowledge of impending takeovers, had not violated § 10(b) of the Securities Exchange Act of 1934[1] and SEC Rule 10b-5.
Quick Facts Chiarella v. United States, Argued November 5, 1979 Decided March 18, 1980 ...
Chiarella v. United States | |
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Argued November 5, 1979 Decided March 18, 1980 | |
Full case name | Chiarella v. United States |
Citations | 445 U.S. 222 (more) 100 S. Ct. 1108; 63 L. Ed. 2d 348 |
Case history | |
Prior | United States v. Chiarella, 588 F.2d 1358 (2d Cir. 1978) |
Holding | |
Employee of printer handling corporate takeover bids who deduced target companies' identities and dealt in their stock without disclosing knowledge of impending takeovers had not violated 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. § 78j(b)) and SEC Rule 10b-5. | |
Court membership | |
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Case opinions | |
Majority | Powell, joined by Stewart, White, Rehnquist, Stevens |
Concurrence | Stevens |
Concurrence | Brennan (in judgment) |
Dissent | Burger |
Dissent | Blackmun, joined by Marshall |
Laws applied | |
§ 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. § 78j(b)); SEC Rule 10b-5 |
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