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Quotation from Chiarella v. United States by Supreme Court of the United States
“I would read § 10(b) and Rule 10b-5 to encompass and build on this principle: to mean that a person who has misappropriated nonpublic information has an absolute duty to disclose that information or to refrain from trading.”
Chiarella v. United States, Dissent of Chief Justice Burger, Part I (U.S. Reports text (Legal Information Institute))
Chief Justice Burger states the misappropriation theory later adopted by the Court.
Citation: "I would read § 10(b) and Rule 10b-5 to encompass and build on this principle: to mean that a person who has misappropriated nonpublic information has an absolute duty to disclose that information or to refrain from trading." — Supreme Court of the United States, Chiarella v. United States, Dissent of Chief Justice Burger, Part I (U.S. Reports text (Legal Information Institute)). (id chiarella-v-united-states-q4)
Portrait: US Supreme Court Justice Lewis Powell - 1976 official portrait, Color negative by Robert S. Oakes, Public domain.
