TSC Industries, Inc. v. Northway, Inc.
1976 United States Supreme Court case / From Wikipedia, the free encyclopedia
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TSC Industries, Inc. v. Northway, Inc., 426 U.S. 438 (1976),[1] was a case in which the Supreme Court of the United States articulated the requirement of materiality in securities fraud cases.
Quick Facts TSC Industries, Inc. v. Northway, Inc., Argued March 3, 1976 Decided June 14, 1976 ...
TSC Industries, Inc. v. Northway, Inc. | |
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Argued March 3, 1976 Decided June 14, 1976 | |
Full case name | TSC Industries, Incorporated, et al. v. Northway, Incorporated |
Citations | 426 U.S. 438 (more) |
Case history | |
Prior | Plaintiffs' motion for partial summary judgment on liability denied, 361 F. Supp. 108 (N.D. Ill. 1973), affirmed in part, reversed in part, 512 F.2d 324; cert. granted, 423 U.S. 820 (1975). |
Holding | |
A misstated or omitted fact in a proxy solicitation is material if there is a substantial likelihood that a reasonable shareholder would consider it important in deciding how to vote. | |
Court membership | |
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Case opinion | |
Majority | Marshall, joined by Burger, Brennan, Stewart, White, Blackmun, Powell, Rehnquist |
Stevens took no part in the consideration or decision of the case. | |
Laws applied | |
Securities Exchange Act of 1934 |
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