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PLAUT v. SPENDTHRIFT FARM, INC.

No. 93-1121.

514 U.S. 211 (1995)

PLAUT et al. v. SPENDTHRIFT FARM, INC., et al.

United States Supreme Court.

Decided April 18, 1995.

Attorney(s) appearing for the Case

William W. Allen argued the cause for petitioners. With him on the briefs was J. Montjoy Trimble.

Michael R. Dreeben argued the cause for the United States urging reversal. With him on the brief were Solicitor General Days, Assistant Attorney General Hunger, Deputy Solicitor General Kneedler, Barbara C. Biddle, Simon M. Lorne, Paul Gonson, and Jacob H. Stillman.

Theodore B. Olson argued the cause for respondents. With him on the briefs were Larry L. Simms, Theodore J. Boutrous, Jr., John K. Bush, D. Jarrett Arp, Barbara B. Edelman, Barry Friedman, James E. Burns, Jr., Kevin Muck, William E. Johnson, Robert M. Watt III, Robert S. Miller, and L. Clifford Craig.*

Scalia, J., delivered the opinion of the Court, in which Rehnquist, C. J., and O'Connor, Kennedy, Souter, and Thomas, JJ., joined. Breyer, J., filed an opinion concurring in the judgment, p. 240. Stevens, J., filed a dissenting opinion, in which Ginsburg, J., joined, p. 246.

Justice Scalia, delivered the opinion of the Court.

The question presented in this case is whether § 27A(b) of the Securities Exchange Act of 1934, to the extent that it requires federal courts to reopen final judgments in private civil actions under § 10(b) of the Act, contravenes the Constitution's separation of powers or the Due Process Clause of the Fifth Amendment.

I

In 1987, petitioners brought a civil action against respondents in...

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