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HOLMES v. SECURITIES INVESTOR PROTECTION CORPORATION

No. 90-727.

503 U.S. 258 (1992)

HOLMES v. SECURITIES INVESTOR PROTECTION CORPORATION et al.

United States Supreme Court.

Decided March 24, 1992.

Attorney(s) appearing for the Case

Jack I. Samet argued the cause for petitioner. With him on the briefs were Jovina R. Hargis and Stephen K. Lubega.

G. Robert Blakey argued the cause for respondents. With him on the brief for respondent Securities Investor Protection Corporation were Stephen C. Taylor, Mark Riera, Theodore H. Focht, and Kevin H. Bell.*

Souter, J.,delivered the opinion of the Court, in which Rehnquist, C. J., and Blackmun, Kennedy, and Thomas, JJ., joined, and in all but Part IV of which White, Stevens, and O'Connor, JJ., joined. O'Connor, J., filed an opinion concurring in part and concurring in the judgment, in which White and Stevens, JJ., joined, p. 276. Scalia, J., filed an opinion concurring in the judgment, p. 286.

Justice Souter, delivered the opinion of the Court.

Respondent Securities Investor Protection Corporation (SIPC) alleges that petitioner Robert G. Holmes, Jr., conspired in a stock-manipulation scheme that disabled two broker-dealers from meeting obligations to customers, thus triggering SIPC's statutory duty to advance funds to reimburse the customers. The issue is whether SIPC can recover from Holmes under the Racketeer...

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