SECURITIES INVESTOR PROTECTION CORP. v. BARBOUR

No. 73-2055.

421 U.S. 412 (1975)

SECURITIES INVESTOR PROTECTION CORP. v. BARBOUR ET AL.

Supreme Court of United States.

Decided May 19, 1975.


Attorney(s) appearing for the Case

Wilfred R. Caron argued the cause for petitioner. With him on the briefs was Theodore H. Focht.

W. Ovid Collins, Jr., argued the cause and filed a brief for respondent Barbour. Solicitor General Bork, William L. Patton, Lawrence E. Nerheim, and David Ferber filed briefs for respondent Securities and Exchange Commission.


MR. JUSTICE MARSHALL delivered the opinion of the Court.

The Securities Investor Protection Corp. (SIPC) was established by Congress as a nonprofit membership corporation for the purpose, inter alia, of providing financial relief to the customers of failing broker-dealers with whom they had left cash or securities on deposit. The question presented by this case is whether such customers have an implied private right of action under the Securities Investor Protection...

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