Securities and Exchange Commission v. Jerry T. O'Brien, Inc.
United States Supreme Court
467 U.S. 735 (1984)
- Written by Robert Cane, JD
Facts
Harry Magnuson and Jerry T. O’Brien, Inc. (O’Brien) (defendants) had a business relationship related to Magnuson’s trading of stock. The Securities and Exchange Commission (SEC) (plaintiff) had been investigating Magnuson and the firms with which he conducted business. The SEC issued subpoenas to various third parties as part of its investigation. Magnuson and O’Brien sought notice of the subpoenas issued by the SEC to third parties. The district court denied the request because Magnuson and O’Brien lacked standing to challenge voluntary compliance with the SEC’s subpoenas. The court of appeals reversed the district court’s denial of Magnuson and O’Brien’s request for notice of subpoenas issued to third parties. The SEC appealed.
Rule of Law
Issue
Holding and Reasoning (Marshall, J.)
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