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Quotation from SEC v. Edwards by Supreme Court of the United States
“The fact that investors have bargained for a return on their investment does not mean that the return is not also expected to come solely from the efforts of others.”
SEC v. Edwards, Opinion of the Court (Justice O'Connor), Part II (U.S. Reports text (Legal Information Institute))
Justice O'Connor rejects the Eleventh Circuit's alternative ground based on contractual entitlement.
Citation: "The fact that investors have bargained for a return on their investment does not mean that the return is not also expected to come solely from the efforts of others." — Supreme Court of the United States, SEC v. Edwards, Opinion of the Court (Justice O'Connor), Part II (U.S. Reports text (Legal Information Institute)). (id sec-v-edwards-q5)
Portrait: Sandra Day O'Connor crop, Library of Congress (Transferred by Sven Manguard,, Public domain.
