Abstract
Speculators generate twelve percent of daily stock trades on NASDAQ. These self-labeled legalized gamblers join record numbers of middle Americans (Joe Six-Packs) owning mutual funds, yet they believe that they are "not in the market" and are unaware of how those funds invest. Should they be allowed to sue people who trade based on inside information—however acquired?
The author traces the history of Rule 10b–5, recent securities reforms, and major decisions, including United States v. O'Hagan, concluding that allowing such suits would be a disaster, giving a forum to hypothetical transactions and extraordinary speculative damages.
How to Cite
40 Ariz. L. Rev. 1137 (1998)
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