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TSC INDUSTRIES, INC. v. NORTHWAY, INC.

No. 74-1471.

426 U.S. 438 (1976)

96 S.Ct. 2126

48 L.Ed.2d 757

TSC INDUSTRIES, INC., ET AL. v. NORTHWAY, INC.

Supreme Court of United States.

Decided June 14, 1976.

Attorney(s) appearing for the Case

Joseph N. Morency, Jr., argued the cause for petitioners. With him on the briefs were James T. Otis, Wesley S. Walton, Milton V. Freeman, and Werner J. Kronstein.

Harry B. Reese argued the cause for respondent. With him on the brief were Arnold I. Shure, Stanley B. Block, Willard J. Lassers, Charles R. Kaufman, and Alex Elson.*

MR. JUSTICE MARSHALL delivered the opinion of the Court.

The proxy rules promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934 bar the use of proxy statements that are false or misleading with respect to the presentation or omission of material facts. We are called upon to consider the definition of a material fact under those rules, and the appropriateness of resolving the question of materiality by summary judgment in this...

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