Dillon v. Militano’s Empirical Analysis
1990
Citation profile
2 federal appellate · 3 district · 1 state decisions
How this case has been cited
Cited by 21 later decisions — most recently November 2014
2 federal appellate · 3 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
Applies 15 U.S.C. § 78G (§ 7 of the Securities Exchange Act of 1934) · 15 U.S.C. § 78I (§ 9 of the Securities Exchange Act of 1934) · 15 U.S.C. § 78J (§ 10 of the Securities Exchange Act of 1934)
Relies on Cort v. Ash · Affiliated Ute Citizens of Utah v. United States · Chiarella v. United States · Marino v. United States · Kahn v. Grant
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 21 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“Although some courts have imposed primary liability against clearing brokers, the true relationship of the clearing broker to the introducing broker and to the latter’s customer has not been recognized. See e.g., Cothren v. Donaldson, Lufkin & Jenrette Sec. Corp., No. TY-82-363-CA, slip op. (E.D.Tex.1982) (clearing broker held liable for failing to police properly its “agent’s,” i.e., the introducing broker’s acts) (preliminary findings later vacated, but not replaced, when settlement was reached); Hawkins v. Merrill, Lynch, Pierce, Fenner & Beane, 85 F.Supp. 104, 121 (W.D.Ark.1949) (clearing broker supplying wire to introducing broker held liable to customer for its failure to “control” the introducing broker and to make sure orders were legally executed).”
1 later decision quote this exact passage“relieve brokerage firms, such as [PFG] of the huge costs associated with ‘back-office’ operations ... The brokerage firm typically is known as the 'introducing firm,’ and the clearing firm handles the 'mechanical, record-keeping functions related to the clearance and settlement of various transactions' in the accounts of the introducing firm’s customers.”
1 later decision quote this exact passage
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.