CENTRAL BANK OF DENVER, N. A. v. FIRST INTERSTATE BANK OF DENVER, N. A.

No. 92-854.

511 U.S. 164 (1994)

CENTRAL BANK OF DENVER, N. A. v. FIRST INTERSTATE BANK OF DENVER, N. A., ET AL.

United States Supreme Court.

Decided April 19, 1994.


Attorney(s) appearing for the Case

Tucker K. Trautman argued the cause for petitioner. With him on the briefs was Van Aaron Hughes.

Miles M. Gersh argued the cause for respondents. With him on the brief was James S. Helfrich.

Edwin S. Kneedler argued the cause for the Securities and Exchange Commission as amicus curiae urging affirmance. With him on the brief were Solicitor General Days, Paul Gonson, Jacob H. Stillman, and Brian D. Bellardo .*

Kennedy, J., delivered the opinion of the Court, in which Rehnquist, C. J., and O'Connor, Scalia, and Thomas, JJ., joined. Stevens, J., filed a dissenting opinion, in which Blackmun, Souter, and Ginsburg, JJ., joined, p. 192.


Justice Kennedy, delivered the opinion of the Court.

As we have interpreted it, § 10(b) of the Securities Exchange Act of 1934 imposes private civil liability on those who commit a manipulative or deceptive act in connection with the purchase or sale of securities. In this case, we must answer a question reserved in two earlier decisions: whether private civil liability under § 10(b) extends as well to those who...

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