Quotes · Quote card
Quotation from Reves v. Ernst & Young by Supreme Court of the United States
“In discharging our duty, we are not bound by legal formalisms, but instead take account of the economics of the transaction under investigation.”
Reves v. Ernst & Young, Opinion of the Court (Justice Marshall), Part II-A (U.S. Reports text (Wikisource))
Justice Marshall states the Court's approach to deciding which instruments are securities.
Citation: "In discharging our duty, we are not bound by legal formalisms, but instead take account of the economics of the transaction under investigation." — Supreme Court of the United States, Reves v. Ernst & Young, Opinion of the Court (Justice Marshall), Part II-A (U.S. Reports text (Wikisource)). (id reves-v-ernst-and-young-q1)
Portrait: Thurgood-marshall-2, Robert S. Oakes, Public domain.
