ANDERSON v. AON CORP.

No. 09-1144.

614 F.3d 361 (2010)

Robert M. ANDERSON, Plaintiff-Appellant, v. AON CORPORATION, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided July 26, 2010.


Attorney(s) appearing for the Case

Everett L. Skillman, Jr. (argued), Orange, CA, for Plaintiff-Appellant.

Dane A. Drobny (argued), Winston & Strawn LLP, Chicago, IL, for Defendants-Appellees.

Before EASTERBROOK, Chief Judge, and WILLIAMS and TINDER, Circuit Judges.


EASTERBROOK, Chief Judge.

Investors injured by fraud may recover under federal securities law only if the deceit caused them to purchase or sell securities. Blue Chip Stamps v. Manor Drug Stores, 421 U.S. 723, 95 S.Ct. 1917, 44 L.Ed.2d 539 (1975). This purchaser-seller rule limits implied private rights of action but not the substantive requirements of federal law. Fraud is unlawful, see § 10(b) of the Securities Exchange...

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