Quotes · Quote card
Quotation from Basic Inc. v. Levinson by Supreme Court of the United States
“The modern securities markets, literally involving millions of shares changing hands daily, differ from the face-to-face transactions contemplated by early fraud cases, and our understanding of Rule 10b-5's reliance requirement must encompass these differences.”
Basic Inc. v. Levinson, Opinion of the Court (Justice Blackmun), Part IV (U.S. Reports text (Legal Information Institute))
Justice Blackmun explains why the reliance element must be adapted to impersonal markets.
Citation: "The modern securities markets, literally involving millions of shares changing hands daily, differ from the face-to-face transactions contemplated by early fraud cases, and our understanding of Rule 10b-5's reliance requirement must encompass these differences." — Supreme Court of the United States, Basic Inc. v. Levinson, Opinion of the Court (Justice Blackmun), Part IV (U.S. Reports text (Legal Information Institute)). (id basic-inc-v-levinson-q3)
Portrait: Justice Blackmun Official, Unknown, Public domain.
