Chiarella v. United States

Chiarella v. United States
Supreme Court of the United States
Argued November 5, 1979 Decided March 18, 1980
Full case name	Chiarella v. United States
Citations	445 U.S. 222 (more) 100 S. Ct. 1108; 63 L. Ed. 2d 348
Case history
Prior	United States v. Chiarella, 588 F.2d 1358 (2d Cir. 1978)
Holding
Employee of printer handling corporate takeover bids who deduced target companies' identities and dealt in their stock without disclosing knowledge of impending takeovers had not violated 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. § 78j(b)) and SEC Rule 10b-5.
Court membership
Chief Justice Warren E. Burger Associate Justices William J. Brennan Jr. · Potter Stewart Byron White · Thurgood Marshall Harry Blackmun · Lewis F. Powell Jr. William Rehnquist · John P. Stevens
Case opinions
Majority	Powell, joined by Stewart, White, Rehnquist, Stevens
Concurrence	Stevens
Concurrence	Brennan (in judgment)
Dissent	Burger
Dissent	Blackmun, joined by Marshall
Laws applied
§ 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. § 78j(b)); SEC Rule 10b-5

Chiarella v. United States, 445 U.S. 222 (1980), is a case in which the Supreme Court of the United States held that an employee of a printer handling corporate takeover bids who deduced target companies' identities and dealt in their stock without disclosing his knowledge of impending takeovers, had not violated § 10(b) of the Securities Exchange Act of 1934^[1] and SEC Rule 10b-5.