Securities Regulation
Intermediate
Private Enforcement
The use of private lawsuits, liability standards, and investor claims to enforce legal duties rather than relying only on public regulators.
Why It Matters
Private enforcement shapes deterrence, litigation incentives, disclosure credibility, and the allocation of enforcement costs.
Selected Literature
A short list of directly relevant archive entries.
1999
Advanced
The Scope of Private Securities Litigation: In Search of Liability Standards for Secondary Defendants
Jill E. Fisch
Columbia Law Review
2000
Intermediate
The Economic Theory of Public Enforcement of Law
A. Mitchell Polinsky and Steven Shavell
Journal of Economic Literature
2006
Advanced
What Works in Securities Laws?
Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer
Journal of Finance
2009
Advanced
Public and Private Enforcement of Securities Laws: Resource-Based Evidence
Howell E. Jackson and Mark J. Roe
Journal of Financial Economics
Related Cases
1994
Securities Regulation
Central Bank of Denver v. First Interstate Bank of Denver
511 U.S. 164 (1994)
Private aiding-and-abetting liability under Section 10(b) of the Securities Exchange Act.
2014
Securities Regulation
Halliburton Co. v. Erica P. John Fund, Inc.
573 U.S. 258 (2014)
Fraud-on-the-market reliance, class certification, and price-impact evidence in securities-fraud class actions.
1975
Securities Regulation
Blue Chip Stamps v. Manor Drug Stores
421 U.S. 723 (1975)
Standing to bring private Rule 10b-5 damages actions and the purchaser-seller limitation.
2010
Securities Regulation
Morrison v. National Australia Bank Ltd.
561 U.S. 247 (2010)
Extraterritorial application of Section 10(b) and Rule 10b-5 to transnational securities transactions.