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BATEMAN EICHLER, HILL RICHARDS, INC. v. BERNER

No. 84-679.

472 U.S. 299 (1985)

BATEMAN EICHLER, HILL RICHARDS, INC. v. BERNER ET AL.

Supreme Court of United States.

Decided June 11, 1985

Attorney(s) appearing for the Case

Robert S. Warren argued the cause for petitioner. With him on the briefs were Phillip L. Bosl and Gail Ellen Lees.

Geoffrey P. Knudsen argued the cause for respondents Berner et al. With him on the brief was John H. Boone.

Bruce N. Kuhlik argued the cause pro hac vice for the Securities and Exchange Commission as amicus curiae urging affirmance. With him on the brief were Solicitor General Lee, Deputy Solicitor General Claiborne, Daniel L. Goelzer, Paul Gonson, Jacob H. Stillman, and Larry R. Lavoie.*

JUSTICE BRENNAN delivered the opinion of the Court.

The question presented by this case is whether the common-law in pari delicto defense bars a private damages action under the federal securities laws against corporate insiders and broker-dealers who fraudulently induce investors to purchase securities by misrepresenting that they are conveying material nonpublic information about the issuer.

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