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Quotation from Ernst & Ernst v. Hochfelder by Supreme Court of the United States
“It seems to me, however, that an investor can be victimized just as much by negligent conduct as by positive deception, and that it is not logical to drive a wedge between the two, saying that Congress clearly intended the one but certainly not the other.”
Ernst & Ernst v. Hochfelder, Dissent of Justice Blackmun (U.S. Reports text (Legal Information Institute))
Justice Blackmun argues that the investor's loss, not the defendant's intent, should guide the reading of the rule.
Citation: "It seems to me, however, that an investor can be victimized just as much by negligent conduct as by positive deception, and that it is not logical to drive a wedge between the two, saying that Congress clearly intended the one but certainly not the other." — Supreme Court of the United States, Ernst & Ernst v. Hochfelder, Dissent of Justice Blackmun (U.S. Reports text (Legal Information Institute)). (id ernst-and-ernst-v-hochfelder-q5)
Portrait: US Supreme Court Justice Lewis Powell - 1976 official portrait, Color negative by Robert S. Oakes, Public domain.
