Newmark v. RKO General, Inc.’s Empirical Analysis
425 F.2d 348 · 1970
Citation profile
26 federal appellate · 3 district · 2 state decisions
How this case has been cited
Cited by 69 later decisions (3 by the Supreme Court) — most recently August 2017 · most notably Kern County Land Company v. Occidental Petroleum Corporation (1973), Reliance Electric Company v. Emerson Electric Company (1972)
26 federal appellate · 3 district · 2 state decisions
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
Applies 15 U.S.C. § 78P (§ 16 of the Securities Exchange Act of 1934)
Relies on Blau v. Lehman · S. C. Johnson & Son, Inc. v. Gold Seal Co. · Firestone Tire & Rubber Co. v. Federal Trade Commission · Cella v. United States · Park & Tilford, Inc. v. Schulte
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 69 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
““ * * * That RKO’s heart may have been pure and its motivation noble matters not. The significant factor is whether RKO could have reaped a speculative profit from the ‘unfair use of information * * * obtained * * * by reason of [its] relationship to [Central].”’”
3 later decisions quote this exact passage · from the majority“For the purpose of preventing the unfair use of information which may have been obtained by [a] ... director ... by reason of his relationship to the issuer, any profit realized by him from any purchase and sale, or any sale and purchase, of any equity security of such issuer ... within any period of less than six months ... shall inure to and be recoverable by the issuer.... This subsection shall not be construed to cover ... any transaction or transactions which the [Securities and Exchange] Commission by rules and regulations may exempt as not comprehended within the purpose of this subsection.”
2 later decisions quote this exact passage · from the majority““The description, ‘a crude rule of thumb,’ was first employed by Mr. Thomas Corcoran, spokesman for the drafters of the statute, during congressional hearings on the bill which ultimately became section 16(b). Hearings Before Senate Committee on Banking & Currency, 73d Cong., 2d Sess. 6557 (1934). The phrase now serves to describe not only the statute but also one approach to its application. Under the ‘objective’ or ‘rule of thumb’ approach, the statute is applied to all transactions which seem to fall within its terms, without regard to whether imposition of liability would further the purposes of the statute. See, e. g., Heli-Coil Corp. v. Webster, 352 F.2d 156 (3d Cir. 1965). We have rejected this interpretation, see Blau v. Lamb, 363 F.2d 507 (2d Cir. 1966), cert. denied, 385 U.S. 1002 , 87 S.Ct. 707 , 17 L.Ed.2d 542 (1967), in favor of the more ‘pragmatic’ approach of applying the statute only to those situations subject to speculative manipulation. For a comparative analysis of the two approaches to application of the statute, which concludes that this Circuit’s rule is preferable, see Note, Stock Exchanges Pursuant to Corporate Consolidation: A section 16(b) ‘Purchase or Sale’?, 117 U.Pa.L.Rev. 1035 (1969).” Newmark v. RKO General, Inc., 425 F.2d 348, 350, n.2 . “The threshold issue raised on this appeal is whether the purchase and subsequent exchange of Central shares lent itself to the type of speculative abuse which section 16(b) was designed to prevent. Blau v. Le”
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.