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United States v. O'hagan

Docket No.: 96-842
Argued: April 16, 1997
Decided: June 25, 1997

Topics:

Securities Act of 1933, the Securities and Exchange Act of 1934, or the Williams Act, Economic Activity, Federal Regulation of Securities, Natural Resources, Securities Law, Williams Act, equitable relief, willful violation

PartyNames: UNITED STATES, Petitioner, v. James Herman O'HAGAN.
Petitioner: United States
Respondent: O'hagan

Court Below: THE UNITED STATES COURT OF APPEALS FOR THE EIGHTH CIRCUIT
Citation: 92 F.3d 612
Lower Court Decision
Supreme Court Docket

United States
v.
O'hagan
521 U.S. 642 (1997)
Other Citations: 117 S.Ct. 2199138 L.Ed.2d 724 (521 U.S.
Question:

1) Does a security-trader violate the Securities and Exchange Act of 1934 by trading securities on the basis of misappropriated information pertaining to a company other than his own? 2) Did the Security Exchange Commission have the authority to make Rule 14e-3(a), which forbids security trading on nonpublic foreknowledge of a tender offer?

United States v. O'hagan
ORAL ARGUMENT

April 16, 1997

Holding: reversed and remanded
Decision: Decision: 6 votes for United States, 3 vote(s) against
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