In Re Refco, Inc. Securities Litigation’s Empirical Analysis
2009
Citation profile
1 federal appellate ·
Relationships
Applies 15 U.S.C. § 77Z (§ 26 of the Securities Act of 1933) · 15 U.S.C. § 78J (§ 10 of the Securities Exchange Act of 1934) · 15 U.S.C. § 78T (§ 20 of the Securities Exchange Act of 1934) · 15 U.S.C. § 78U (§ 21d of the Securities Exchange Act of 1934)
Relies on Bell Atlantic Corp. v. Twombly · Basic Inc. v. Levinson · Tellabs, Inc. v. Makor Issues & Rights, Ltd. · Affiliated Ute Citizens of Utah v. United States · Dura Pharmaceuticals, Inc. v. Broudo
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 6 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails or of any facility of any national securities exchange, (a) To employ any device, scheme, or artifice to defraud, (b) To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or (a) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person,”
1 later decision quote this exact passage · from the majority“[defendants’] deceptive acts were not communicated to the public. No member of the investing public had knowl edge, either actual or presumed, of [defendants’] deceptive acts during the relevant times. [Plaintiffs], as a result, cannot show reliance upon any of [defendants’] actions except in an indirect chain that we find too remote for liability.”
1 later decision quote this exact passage · from the majority“a plaintiff must prove (1) a material misrepresentation or omission by the defendant; (2) scienter; (3) a connection between the misrepresentation or omission and the purchase or sale of a security; (4) reliance upon the misrepresentation or omission; (5) economic loss; and (6) loss causation.”
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.