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PINTER v. DAHL

No. 86-805.

486 U.S. 622 (1988)

PINTER ET AL. v. DAHL ET AL.

Supreme Court of United States.

Decided June 15, 1988

Attorney(s) appearing for the Case

Braden W. Sparks argued the cause and filed briefs for petitioners. Richard G. Taranto argued the cause for the Securities and Exchange Commission as amicus curiae in support of petitioners. With him on the brief were Solicitor General Fried, Deputy Solicitor General Cohen, Daniel L. Goelzer, Paul Gonson, Jacob H. Stillman, and Max Berueffy.

John A. Spinuzzi argued the cause for respondents. With him on the brief was Michael F. Linz.

JUSTICE BLACKMUN delivered the opinion of the Court.

The questions presented by this case are (a) whether the common-law in pari delicto defense is available in a private action brought under § 12(1) of the Securities Act of 1933 (Securities Act), 48 Stat. 74, as amended, 15 U. S. C. § 77a et seq., for the rescission of the sale of unregistered securities, and (b) whether one must intend to confer...

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