University of Michigan Law School University of Michigan Law School Scholarship Repository Law & Economics Working Papers 2-7-2018 Securities Law in the Sixties: The Supreme Court, the Second Circuit, and the Triumph of Purpose over Text Adam C. Pritchard University of Michigan Law School,
[email protected] Robert B. Thompson Georgetown University Law Center,
[email protected] Follow this and additional works at: https://repository.law.umich.edu/law_econ_current Part of the Law and Economics Commons Working Paper Citation Pritchard, Adam C. and Thompson, Robert B., "Securities Law in the Sixties: The Supreme Court, the Second Circuit, and the Triumph of Purpose over Text" (2018). Law & Economics Working Papers. 150. https://repository.law.umich.edu/law_econ_current/150 This Article is brought to you for free and open access by University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in Law & Economics Working Papers by an authorized administrator of University of Michigan Law School Scholarship Repository. For more information, please contact
[email protected]. Pritchard and Thompson: Securities Law in the Sixties: The Supreme Court, the Second Circuit, and the Triumph of Purpose over Text A.C. Pritchard & Robert B. Thompson* 7 February 2018 ABSTRACT This articles analyzes the Supreme Court’s leading securities cases from 1962 to 1972—Capital Gains, J.I. Case v. Borak, Mills v. Electric Auto‐Lite Co., Bankers Life, and Affiliated Ute—relying not just on the published opinions, but also the justices’ internal letters, memos, and conference notes. The Sixties Court did not simply apply the text as enacted by Congress, but instead invoked the securities laws’ purposes as a guide to interpretation.