Quotes · Quote card
Quotation from SEC v. W. J. Howey Co. by Supreme Court of the United States
“The statutory policy of affording broad protection to investors is not to be thwarted by unrealistic and irrelevant formulae.”
SEC v. W. J. Howey Co., Opinion of the Court (Justice Murphy) (U.S. Reports text (Wikisource))
Justice Murphy closes the majority opinion by stressing the protective purpose of the Securities Act.
Citation: "The statutory policy of affording broad protection to investors is not to be thwarted by unrealistic and irrelevant formulae." — Supreme Court of the United States, SEC v. W. J. Howey Co., Opinion of the Court (Justice Murphy) (U.S. Reports text (Wikisource)). (id sec-v-w-j-howey-co-q4)
Portrait: Justice Frank Murphy, Harris & Ewing, Public domain.
