Blue Chip Stamps v. Manor Drug Stores

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Blue Chip Stamps v. Manor Drug Stores
Seal of the United States Supreme Court.svg
Argued March 24, 1975
Decided June 9, 1975
Full case nameBlue Chip Stamps v. Manor Drug Stores
Citations421 U.S. 723 (more)
95 S. Ct. 1917; 44 L. Ed. 2d 539
Prior historyCertiorari to the United States Court of Appeals for the Ninth Circuit
Holding
A private damages action under Rule 10b-5 is confined to actual purchasers or sellers of securities and the Birnbaum rule bars respondent from maintaining this suit.
Court membership
Chief Justice
Warren E. Burger
Associate Justices
William O. Douglas · William J. Brennan Jr.
Potter Stewart · Byron White
Thurgood Marshall · Harry Blackmun
Lewis F. Powell Jr. · William Rehnquist
Case opinions
MajorityRehnquist, joined by Burger, Stewart, White, Marshall, Powell
DissentBlackmun, joined by Douglas, Brennan
Laws applied
Securities Act of 1933, 48 Stat. 74, as amended, 15 U.S.C. 77a et seq.

Blue Chip Stamps v. Manor Drug Stores, 421 U.S. 723 (1975), was a decision by the United States Supreme Court, which ruled that only those suffering direct loss from the purchase or sale of stock had standing to sue under federal securities law.

See also[edit]

Further reading[edit]

  • Hawkins, C. (1975). "Standing to Sue for Violations of the Federal Securities Laws—the Birnbaum Doctrine". Arkansas Law Review. 29: 538. ISSN 0004-1831.
  • Mullaney, Thomas J. (1977). "Theories of Measuring Damages in Security Cases and the Effects of Damages on Liability". Fordham Law Review. 46: 277. ISSN 0015-704X.

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