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HERMAN & MacLEAN v. HUDDLESTON

No. 81-680.

459 U.S. 375 (1983)

103 S.Ct. 683

74 L.Ed.2d 548

HERMAN & MacLEAN v. HUDDLESTON ET AL.

Supreme Court of United States.

Decided January 24, 1983.

Attorney(s) appearing for the Case

James L. Truitt argued the cause for Herman & MacLean. With him on the briefs was Jack Pew, Jr.

Robert H. Jaffe argued the cause for respondents in No. 81-680 and petitioners in No. 81-1076. With him on the brief were Myer Feldman, Jonathan M. Weisgall, Robert L. Deitz, and David S. Komiss.

Paul Gonson argued the cause for the Securities and Exchange Commission as amicus curiae. With him on the brief urging affirmance in part and reversal in part were Solicitor General Lee, Deputy Solicitor General Shapiro, Jacob H. Stillman, and Richard A. Kirby.†

Briefs of amici curiae were filed by Edward J. Ross and Charles W. Boand for Arthur Anderson & Co.; and by John L. Warden, Philip K. Howard, and William J. Fitzpatrick for the Securities Industry Association.

JUSTICE MARSHALL delivered the opinion of the Court.

These consolidated cases raise two unresolved questions concerning § 10(b) of the Securities Exchange Act of 1934 (1934 Act), 48 Stat. 891, 15 U. S. C. § 78j(b). The first is whether purchasers of registered securities who allege they were defrauded by misrepresentations in a registration statement may maintain an action under § 10(b) notwithstanding the express remedy for misstatements and omissions...

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