Legal Opinion
Dirks v. Securities & Exchange Commission
Supreme Court of the United States
Decided July 1, 1983No. 82-276PublishedCited by 417 opinions
1Opinion of the CourtJustice Powell
Petitioner Raymond Dirks received material nonpublic information from “insiders” of a corporation with which he had no connection. He disclosed this information to investors who relied on it in trading in the shares of the corporation. The question is whether Dirks violated the antifraud provisions of the federal securities laws by this disclosure.
I
In 1973, Dirks was an officer of a New York broker-dealer firm who specialized in providing investment analysis of insurance company securities to institutional investors.1 On *649March 6, Dirks received information from Ronald Secrist, a former…
2Cases cited16 opinions
- Securities & Exchange Commission v. Chenery Corp.Supreme Court of the United States · 1947
- Ernst & Ernst v. HochfelderSupreme Court of the United States · 1976
- Santa Fe Industries, Inc. v. GreenSupreme Court of the United States · 1977
- Chiarella v. United StatesSupreme Court of the United States · 1980
- Aaron v. Securities & Exchange CommissionSupreme Court of the United States · 1980
11 more not listed; retrieve them via the Exa API.
3Cited by417 opinions
- Basic Inc. v. LevinsonSupreme Court of the United States · 1988
- Central Bank of Denver, N. A. v. First Interstate Bank of Denver, N. A.Supreme Court of the United States · 1994
- Carpenter v. United StatesSupreme Court of the United States · 1987
- Michael E. Moss v. Morgan Stanley Inc., E. Jacques Courtois, Jr., Adrian Antoniu, and James M. Newman, Morgan Stanley Inc. And James M. NewmanCourt of Appeals for the Second Circuit · 1983
- In Re Time Warner Inc. Securities LitigationCourt of Appeals for the Second Circuit · 1993
412 more not listed; retrieve them via the Exa API.