Securities & Exchange Commission v. Warde’s Empirical Analysis
151 F.3d 42 · 1998
Citation profile
17 federal appellate · 4 district ·
How this case has been cited
Cited by 90 later decisions (1 by the Supreme Court) — most recently June 2023 · most notably Frank Martinelli Bridgeport Roman Catholic Diocesan Corporation (1999), Securities & Exchange Commission v. Calvo (2004)
17 federal appellate · 4 district ·
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
Relationships
Relies on Basic Inc. v. Levinson · Dirks v. Securities & Exchange Commission · Securities & Exchange Commission v. First Jersey Securities, Inc. · United States v. Chestman · Securities & Exchange Commission v. Bilzerian
Most-quoted passages
The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 90 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“[s]o long as the measure of disgorgement is reasonable, any risk of uncertainty should fall on the wrongdoer whose illegal conduct created that uncertainty.”
2 later decisions quote this exact passage · from the majority“need not show that the tipper expected or received a specific or tangible benefit in exchange for the tip,”
2 later decisions quote this exact passage · from the majority“There are objective facts and circumstances that often justify such an inference [of personal benefit]. For example, there may be a relationship between the insider and the recipient that suggests a quid pro quo from the latter, or an intention to benefit the particular recipient. The elements of fiduciary duty and exploitation of nonpublic information also exist when an insider makes a gift of confidential information to a trading relative or friend. The tip and trade resemble trading by the insider himself followed by a gift of the profits to the recipient.”
1 later decision quote this exact passage · from the majority
How this case has been treated — in progress
Whether each later court followed, distinguished, criticized, or overruled this decision. The treatment classification (task #35) runs highest-cited cases first and lights up here as it reaches this one.