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Quotation from United States v. O'Hagan by Supreme Court of the United States
“Under this theory, a fiduciary's undisclosed, self-serving use of a principal's information to purchase or sell securities, in breach of a duty of loyalty and confidentiality, defrauds the principal of the exclusive use of that information.”
United States v. O'Hagan, Opinion of the Court (Justice Ginsburg), Part II-A (U.S. Reports text (Legal Information Institute))
Justice Ginsburg defines the misappropriation theory of Section 10(b) liability.
Citation: "Under this theory, a fiduciary's undisclosed, self-serving use of a principal's information to purchase or sell securities, in breach of a duty of loyalty and confidentiality, defrauds the principal of the exclusive use of that information." — Supreme Court of the United States, United States v. O'Hagan, Opinion of the Court (Justice Ginsburg), Part II-A (U.S. Reports text (Legal Information Institute)). (id united-states-v-ohagan-q1)
Portrait: Ruth Bader Ginsburg official SCOTUS portrait (cropped), Steve Petteway, Collection of the Supreme Court of the United States, Public domain.
