Reves v. Ernst & Young’s Empirical Analysis
1990
Citation profile
195 federal appellate · 78 district · 166 state decisions
How this case has been cited
Cited by 800 later decisions (22 by the Supreme Court) — most recently June 2025 · most notably Central Bank of Denver Na v. First Interstate Bank of Denver Na K (1994), Reves v. Ernst & Young (1993)
195 federal appellate · 78 district · 166 state decisions — followed in 25 states
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.
Appellate journey
reviewedArthur Young & Co. v. Reves (from Eighth Circuit Court of Appeals)
Relationships
Relies on Roadway Express, Inc. v. Piper · Standard Oil Company of New Jersey v. United States · Securities & Exchange Commission v. W. J. Howey Co. · Shearson/American Express Inc. v. McMahon · Lorillard v. Pons
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 800 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“common trading for speculation or investment.”
49 later decisions quote this exact passage · from the majority“of instruments found not to be securities. Reves, 494 U.S. at 67, 110 S.Ct. at 952. That family includes 43 the note delivered in consumer financing, the note secured by a mortgage on a home, the short-term note secured by a lien on a small business or some of its assets, the note evidencing a”
31 later decisions quote this exact passage · from the majority“; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase, any of the foregoing; but shall not include currency or any note, draft, bill of exchange, or banker's acceptance which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited. 15 U.S.C. § 78c(a)(10). Clay does not suggest, nor do we find, that the SARs fit into the catch-all portion of this definition, that is,”
28 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.