Landmark Cases

IMPORTANT SECURITIES LAW CASES TO KNOW

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SEC v. Howey
328 U.S. 293 (1946)

 Definition of a Security
Reves v. Ernst & Young
494 U.S. 56 (1990)		 Family Resemblance Test
SEC v. Ralston Purina Co.
346 U.S. 119 (1953)		 Private Placements
In re Carl M. Loeb, Rhoades & Co.
38 SEC 843 (1959)		 Gun-Jumping
Escott v. BarChris
283 F.Supp. 643 (1968)		 Due Diligence
Blue Chip Stamps v. Manor Drug Stores
421 U.S. 723 (1975)		 Rule 10b-5 Actions Can Only Be Brought by A Purchaser or Seller
Ernst & Ernst v. Hochfelder
425 U.S. 185 (1976)		 Scienter Requirement in
Rule 10b-5
TSC Industries v. Northway
426 U.S. 438 (1976)		 Materiality
SEC v. National Student Marketing Corp.
457 F.Supp. 682 (1978)		 Lawyer Professional Responsibility
Chiarella v. US
445 U.S. 222 (1980)		 Insider Trading
In re Carter and Johnson
SEC Release No. 34-17597 (Feb. 28, 1981)		 Lawyer Professional Responsibility
Arnold S. Wellman v. Fairleigh S. Dickinson
682 F.2d 355 (1982)		 Section 13(d)
Dirks v. SEC
463 U.S. 646 (1983)		 Insider Trading/Misappropriation
Weinberger v. UOP
457 A.2d 701 (1983)		 Business Judgment Rule
Unocal Corp. v. Mesa Petroleum Corp.
493 A.2d 946 (1985)		 Business Judgment Rule
Revlon v. MacAndrews & Forbes Holdings
506 A.2d 173 (1986)		 Business Judgment Rule
Basic v. Levinson
485 U.S. 224 (1988)		 Materiality
Pinter v. Dahl
486 U.S. 622 (1988)		 Section 12(a)(2): Who is a Seller?
Lampf, Pleva, Lipkind, Prupis, & Petigrow v. Gilbertson
501 U.S. 350 (1991)		 Statute of Limitations
In re Caterpillar, Inc.
SEC Release No. 34-30532 (March 31, 1992)		 MD&A Disclosure
In re Donald Trump Casino Securities - Taj Mahal Litigation
7 F.3d 357 (1993)		 Bespeaks Caution Doctrine
Central Bank v. First Interstate Bank
511 U.S. 164 (1994)		 Prohibits private actions for aiding and abetting liability in a 10b-5 violation
Paramount Communications v. QVC Network
637 A.2d 34 (1994)		 Business Judgment Rule
Gustafson v. Alloyd
513 U.S. 561 (1995)		 Section 12(a)(2): What is a Prospectus?