Omission and Nondisclosure Under SED Rule 10b-5: A Distinction in Search of a Difference

Authors

George O. Richardson, III

Keywords

Rule 10b-5, reliance, causation, transactions

Abstract

This Note addresses a key element of Rule 10b-5 of the Securities and Exchange Act of 1934: causation. Though typically shown through reliance, some courts have allowed a proof of materiality to substitute. This Note addresses the circuit split and looks to articulating a difference between omission and nondisclosure in determining whether the court should rely on reliance or materiality.

Recommended Citation

George O. Richardson, III, Omission and Nondisclosure Under SED Rule 10b-5: A Distinction in Search of a Difference, 7 Fordham Urb. L.J. 423 (1979).
Available at: https://ir.lawnet.fordham.edu/ulj/vol7/iss2/8