Clement A. Evans & Co., Inc. v. McAlpine’s Empirical Analysis
434 F.2d 100 · 1970
Citation profile
48 federal appellate · 5 district · 1 state decisions
How this case has been cited
Cited by 84 later decisions — most recently August 2022 · most notably Chris-Craft Industries, Inc. v. Piper Aircraft Corp. (1973), Fed. Sec. L. Rep. P 95,351 Billie Jean Woodward v. Metro Bank of Dallas (1975)
48 federal appellate · 5 district · 1 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
Relies on Securities & Exchange Commission v. Texas Gulf Sulphur Co. · Perry O. Hooper, as Trustee in Bankruptcy of Consolidated American Industries, Inc. v. Mountain States Securities Corporation · Fed. Sec. L. Rep. P 92,714 Edwin J. Herpich v. Robert H. Wallace, Jack E. Love · Williamson v. Gilmer · Kohler v. Kohler Co.
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 84 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“. . . it is impossible to lay down any general rule as to the amount of evidence or number or nature of evidential facts admitting discovery of fraud. But, facts in the sense of indisputable proof or any proof at all, are different from facts calculated to excite inquiry which impose a duty of reasonable diligence and which, if pursued, would disclose the fraud. Facts calculated to excite inquiry merely constitute objects of direct experience and, as such, may comprise rumors or vague charges if of sufficient substance to arouse suspicion. Thus, the duty of reasonable diligence is an obligation imposed by law solely under the peculiar circumstances of each case, including existence of a fiduciary relationship, concealment of the fraud, .opportunity to detect it, position in the industry, sophistication and expertise in the financial community, and knowledge of related proceedings.”
3 later decisions quote this exact passage · from the majoritye.g. Maine v. Leonard · Dupuy v. Dupuy“In addition, he must prove that his reliance was reasonable under all the circumstances at the time. In this way, recovery is denied those who, because of their business sophistication, their acumen or, ready access to information involved, could reasonably be expected to exercise a higher degree of care and investigation in their dealings and thus, have discovered for themselves, the misrepresentation or omission.”
3 later decisions quote this exact passage · from the majority“While the commentator quoted by the court couched his language in the context of negligent misrepresentations, we are of the view that plaintiffs duty above espoused is not altered merely because the misrepresentations are alleged to be intentional rather than negligent.”
2 later decisions 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.