COLLINSON, Senior District Judge.
This case raises a significant and much-litigated issue regarding the interrelationship of express and implied remedies under the federal securities laws. The precise question presented for decision is whether the plaintiffs-appellants may pursue an implied remedy under Section 10(b) of the Securities Exchange Act of 1934 and Securities Exchange Commission Rule 10b-5, promulgated thereunder, for transactions alleged in the complaint...
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