Wharf (Holdings) Ltd. v. United International Holdings, Inc.
2001 United States Supreme Court case / From Wikipedia, the free encyclopedia
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Wharf Holdings Ltd. v. United Int'l Holdings, Inc., 532 U.S. 588 (2001), was a United States Supreme Court case decided in 2001. The case concerned a provision of the Securities Exchange Act of 1934 dealing with manipulating and evading rules set by the SEC. The Court concluded that a secret understanding to violate an arrangement under the Act still constituted a violation, rejecting an argument that oral contracts were categorically excluded from the provision's coverage.
Quick Facts Wharf (Holdings) Ltd. v. United Int'l Holdings, Inc., Argued March 21, 2001 Decided May 21, 2001 ...
Wharf (Holdings) Ltd. v. United Int'l Holdings, Inc. | |
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Argued March 21, 2001 Decided May 21, 2001 | |
Full case name | Wharf Holdings Limited, Petitioners, v. United International Holdings, Incorporated, Respondents |
Citations | 532 U.S. 588 (more) 121 S. Ct. 1776; 149 L. Ed. 2d 845 |
Case history | |
Prior | Jury verdict in favor of defendant; upheld, 210 F.3d 1207 (10th Cir. 2000) |
Holding | |
An oral agreement to grant an option to buy stock, while secretly intending not to honor the option, violates the Securities Exchange Act of 1934. Tenth Circuit affirmed. | |
Court membership | |
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Case opinion | |
Majority | Breyer, joined by unanimous |
Laws applied | |
Securities Exchange Act of 1934 |
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