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SEC v. Capital Gains Research Bureau, Inc.

United States Supreme Court
375 U.S. 180 (1963)


Facts

Capital Gains Research Bureau, Inc. (Capital Gains) (defendant) published a newsletter in which it made investment suggestions. On several occasions, Capital Gains would purchase a security, and then recommend the same security in its publication. When the price of said security increased because of its recommendation, Capital Gains would then sell the security for a large profit. The Securities and Exchange Commission (SEC) (plaintiff) brought suit, alleging that Capital Gains was required to disclose this practice to its publication’s subscribers pursuant to the Investment Advisers Act of 1940. The United States Supreme Court granted certiorari after the court of appeals ruled in favor of Capital Gains.

Rule of Law

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Issue

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Holding and Reasoning (Goldberg, J.)

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  • A “yes” or “no” answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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