- Collection:
- Scholarly Works
- Title:
- Exclusive Federal Jurisdiction for Implied Rule 10b-5 Actions: The Emperor Has No Clothes
- Creator:
- Sachs, Margaret V.
- Date of Original:
- 1988-01-01
- Subject:
- Law--History
Law--Study and teaching
Taxation--Law and legislation - Location:
- United States, Georgia, Clarke County, Athens, 33.96095, -83.37794
- Medium:
- articles
- Type:
- Text
- Format:
- application/pdf
- Description:
- Courts have long assumed the existence of exclusive federal jurisdiction over private actions implied from section 10(b) of the Securities Exchange Act of 1934 and rule 10b-5. The result is not only to restrict forum choice for rule 10b-5 claimants but also to generate a host of questions concerning the extent of federal authority: whether rule 10b-5 actions are exempt from the claim and issue preclusive effects of state court decisions; whether state courts can hear defenses and state-created claims that involve rule 10b-5; and whether federal courts can stay rule 10b-5 actions in deference to state court litigation. In dividing on these questions, courts invariably fail to examine the underlying premise: that exclusive federal jurisdiction has a valid legal basis. The thesis of this Article is that exclusive federal jurisdiction over rule 10b-5 actions lacks a legitimate foundation and should be rejected. State courts should share with federal courts the adjudication of rule 10b-5 actions.
Rule 10b-5 -- Jurisdiction -- Civil Procedure -- Constitutional Law -- Securities Law - External Identifiers:
- Metadata URL:
- https://digitalcommons.law.uga.edu/fac_artchop/631
- Holding Institution:
- Alexander Campbell King Law Library
- Rights:
-
