Securities Fraud and the Common Law
Norman S. Poser
Brooklyn Law School
September, 22 2008
Journal of Securities and Futures Law, Vol. 1, No. 2, p. 3, Summer 2008
Brooklyn Law School, Legal Studies Paper No. 118
In early cases, the federal courts held that securities fraud was not limited to common law fraud when a broader reading was deemed necessary to protect investors. But now the courts are holding that securities fraud is narrower than common law fraud, and that it is not the role of the courts to imply private rights of action. The author gives an overview of the cases, beginning in the 1940's, and concludes that, with a few exceptions, on balance the investor has been the loser.
Number of Pages in PDF File: 19
Keywords: securities fraud,common law,implied right,private right
Date posted: September 23, 2008
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