Legal Opinion
Anderson v. AON CORP.
Court of Appeals for the Seventh Circuit
Decided July 26, 2010No. 09-1144PublishedCited by 16 opinions
1Opinion of the Court
EASTERBROOK, Chief Judge.
Investors injured by fraud may recover under federal securities law only if the deceit caused them to purchase or sell securities. Blue Chip Stamps v. Manor Drug Stores, 421 U.S. 723, 95 S.Ct. 1917, 44 L.Ed.2d 539 (1975). This purchaser-seller rule limits implied private rights of action but not the substantive requirements of federal law. Fraud is unlawful, see § 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and the SEC’s Rule 10b-5, 17 C.F.R. § 240.10b-5, whether or not it induces a particular investor to buy or sell shares. See Merrill Lynch,…
2Cases cited20 opinions
- Basic Inc. v. LevinsonSupreme Court of the United States · 1988
- Blue Chip Stamps v. Manor Drug StoresSupreme Court of the United States · 1975
- Dura Pharmaceuticals, Inc. v. BroudoSupreme Court of the United States · 2005
- Carlsbad Technology, Inc. v. HIF Bio, Inc.Supreme Court of the United States · 2009
- Merrill Lynch, Pierce, Fenner & Smith Inc. v. DabitSupreme Court of the United States · 2006
15 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Lasalvia v. City of EvanstonDistrict Court, N.D. Illinois · 2011
- Carlson v. City of DelafieldDistrict Court, E.D. Wisconsin · 2011
- Perrywatson v. United Airlines, Inc.District Court, N.D. Illinois · 2011
- Smithfield Foods, Inc. v. United StatesDistrict Court, E.D. Wisconsin · 2014
- Anderson v. AON CORP.Court of Appeals for the Seventh Circuit · 2012
11 more not listed; retrieve them via the Exa API.