Blue Chip Stamps v. Manor Drug Stores
E590644
Blue Chip Stamps v. Manor Drug Stores is a 1975 U.S. Supreme Court decision that established the "purchaser-seller" standing requirement for private securities fraud actions under Rule 10b-5.
Statements (37)
| Predicate | Object |
|---|---|
| instanceOf |
United States Supreme Court case
ⓘ
securities law case ⓘ |
| appliesTest | Birnbaum rule NERFINISHED ⓘ |
| category |
United States Supreme Court cases on securities regulation
ⓘ
United States Supreme Court cases on standing ⓘ |
| citation | 421 U.S. 723 ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| court | Supreme Court of the United States ⓘ |
| courtTerm | Burger Court NERFINISHED ⓘ |
| decisionDate | 1975 ⓘ |
| decisionType | majority decision ⓘ |
| defendant | Blue Chip Stamps NERFINISHED ⓘ |
| effect | restricted access to federal courts for non-purchasers and non-sellers alleging securities fraud ⓘ |
| establishedDoctrine | purchaser-seller standing requirement ⓘ |
| holding | Only actual purchasers or sellers of securities have standing to bring private damages actions under Rule 10b-5 ⓘ |
| impact | frequently cited in later securities fraud standing cases ⓘ |
| interprets | implied private right of action under Rule 10b-5 ⓘ |
| issue |
scope of private right of action under Rule 10b-5
ⓘ
who has standing to sue for securities fraud under Rule 10b-5 ⓘ |
| jurisdiction | federal question jurisdiction ⓘ |
| language | English ⓘ |
| legalArea |
federal securities law
ⓘ
securities fraud ⓘ |
| legalProvisionInterpreted |
Rule 10b-5
NERFINISHED
ⓘ
Section 10(b) of the Securities Exchange Act of 1934 NERFINISHED ⓘ |
| legalSignificance | landmark case in U.S. securities litigation ⓘ |
| majorityOpinionBy | William H. Rehnquist NERFINISHED ⓘ |
| plaintiff | Manor Drug Stores NERFINISHED ⓘ |
| precedentFor |
limitation of implied private rights of action under federal securities laws
ⓘ
standing in private Rule 10b-5 actions ⓘ |
| proceduralPosture | review of decision from the Ninth Circuit ⓘ |
| reasoning | concern about speculative and vexatious litigation by non-purchasers and non-sellers ⓘ |
| reporter | United States Reports ⓘ |
| result | judgment for the defendant ⓘ |
| sourceCourt | United States Court of Appeals for the Ninth Circuit NERFINISHED ⓘ |
| standingRule | plaintiff must be an actual purchaser or seller of securities ⓘ |
| yearDecided | 1975 ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.
Section 10(b) of the Securities Exchange Act of 1934
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Blue Chip Stamps v. Manor Drug Stores
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