A Sense of Security: An Empirical Study
Posted: 9 Jun 2000
While Congress amended the Securities Act of 1933 and the Securities Exchange Act of 1934, they left the definition of the term "security" largely ambiguous. The federal judiciary and legal commentators have not hesitated to define "security" in over 792 cases and over 300 law review articles written on either the '33 or '34 Act, to date. This article presents findings of all reported federal case law on the definition of a security accompanied by a brief discussion of trends and discernible or foreclosed issues that accompany judicial opinion, with emphasis on hotly debatable issues. Overall, this article suggests that innovative arguments could ignite a fairly immediate reverberation in the overall body of case law.
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