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Quotation from Chiarella v. United States by Supreme Court of the United States
“We cannot affirm petitioner's conviction without recognizing a general duty between all participants in market transactions to forgo actions based on material, nonpublic information.”
Chiarella v. United States, Opinion of the Court (Justice Powell), Part III (U.S. Reports text (Legal Information Institute))
Justice Powell declines to adopt a parity-of-information rule without clear congressional intent.
Citation: "We cannot affirm petitioner's conviction without recognizing a general duty between all participants in market transactions to forgo actions based on material, nonpublic information." — Supreme Court of the United States, Chiarella v. United States, Opinion of the Court (Justice Powell), Part III (U.S. Reports text (Legal Information Institute)). (id chiarella-v-united-states-q3)
Portrait: US Supreme Court Justice Lewis Powell - 1976 official portrait, Color negative by Robert S. Oakes, Public domain.
