Transamerica Mortgage Advisors v. Lewis
United States Supreme Court
444 U.S. 11 (1979)
- Written by Craig Scheer, JD
Facts
Lewis (plaintiff), a shareholder of Mortgage Trust of America (the trust), sued the trust, several of its trustees, its investment adviser, and two corporations affiliated with its investment adviser (collectively, the Transamerica parties) (defendants), alleging various frauds and breaches of fiduciary duty under the Investment Advisers Act of 1940 (Advisers Act). Lewis sought both legal and equitable relief, including an award of damages and rescission of the contract between the trust and its investment adviser. Lewis asserted that a private right of action for this relief could be implied from §§ 206 and 215 of the Advisers Act. On appeal from the district court, the court of appeals held that the Advisers Act provided for an implied private right of action for the legal and equitable relief Lewis sought. The Transamerica parties appealed to the United States Supreme Court.
Rule of Law
Issue
Holding and Reasoning (Stewart, J.)
Dissent (White, J.)
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