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GOLLUST v. MENDELL

No. 90-659.

501 U.S. 115 (1991)

GOLLUST ET AL. v. MENDELL ET AL.

Supreme Court of the United States.

Decided June 10, 1991.

Attorney(s) appearing for the Case

Edwin B. Mishkin argued the cause for petitioners. With him on the briefs were Victor I. Lewkow and Thomas G. Dagger.

Irving Malchman argued the cause for respondents and filed a brief for respondent Mendell.

James R. Doty argued the cause for the Securities and Exchange Commission as amicus curiae urging affirmance. With him on the brief were Acting Solicitor General Roberts, Michael R. Dreeben, Paul Gonson, Jacob H. Stillman, and Thomas L. Riesenberg.

JUSTICE SOUTER delivered the opinion of the Court.

Section 16(b) of the Securities Exchange Act of 1934, 48 Stat. 896, 15 U. S. C. § 78p(b),1 imposes a general rule of strict liability on owners of more than 10% of a corporation's listed stock for any profits realized from the purchase and sale, or sale and purchase, of such stock occurring within a 6-month period. These statutorily defined...

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