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Quotation from Ernst & Ernst v. Hochfelder by Supreme Court of the United States
“Thus, despite the broad view of the Rule advanced by the Commission in this case, its scope cannot exceed the power granted the Commission by Congress under § 10(b).”
Ernst & Ernst v. Hochfelder, Opinion of the Court (Justice Powell) (U.S. Reports text (Legal Information Institute))
Justice Powell holds that Rule 10b-5 cannot be read more broadly than the statute authorizing it.
Citation: "Thus, despite the broad view of the Rule advanced by the Commission in this case, its scope cannot exceed the power granted the Commission by Congress under § 10(b)." — Supreme Court of the United States, Ernst & Ernst v. Hochfelder, Opinion of the Court (Justice Powell) (U.S. Reports text (Legal Information Institute)). (id ernst-and-ernst-v-hochfelder-q2)
Portrait: US Supreme Court Justice Lewis Powell - 1976 official portrait, Color negative by Robert S. Oakes, Public domain.
