SECURITIES AND EXCHANGE COMMISSION v. JERRY T. O'BRIEN, INC.

No. 83-751.

467 U.S. 735 (1984)

SECURITIES AND EXCHANGE COMMISSION ET AL. v. JERRY T. O'BRIEN, INC., ET AL.

Supreme Court of United States.

Decided June 18, 1984


Attorney(s) appearing for the Case

Deputy Solicitor General Geller argued the cause for petitioners. With him on the briefs were Solicitor General Lee, Samuel A. Alito, Jr., Daniel L. Goelzer, Paul Gonson, Linda D. Fienberg, Larry R. Lavoie, Harry J. Weiss, and Elizabeth A. Spurlock.

William D. Symmes argued the cause for respondents. With him on the brief for respondents Magnuson et al. was Thomas D. Cochran. C. Dean Little and D. William Toone filed a brief for respondents Jerry T. O'Brien, Inc., et al.*

Ronald L. Olson filed a brief for Wedbush, Noble, Cooke, Inc., as amicus curiae urging affirmance.


JUSTICE MARSHALL delivered the opinion of the Court.

The Securities and Exchange Commission (SEC or Commission) has statutory authority to conduct nonpublic investigations into possible violations of the securities laws and, in the course thereof, to issue subpoenas to obtain relevant information. The question before us is whether the Commission must notify the "target" of such an investigation when it issues a subpoena to a third party.

I

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