Judgment or opinion for the us supreme court

Assignment Help Business Management
Reference no: EM131524710

This homework is about business laws:

Write, a judgment or opinion for the U.S. Supreme Court on the outcome of the case based on the facts and issue below.

FACTS:

  • Respondent James Herman O'Hagan was a partner in the Law firm of Dorsey & Whitney in Minneapolis, Minnesota.
  • In July 1988, Grand Metropolitan PLC (Grand Met), a company based in London, England, retained Dorsey & Whitney as local counsel to represent Grand Met regarding a potential tender offer for the common stock of the Pillsbury Company, headquartered in Minneapolis.
  • Both Grand Met and Dorsey & Whitney took precautions to protect the confidentiality of Grand Met's tender offer plans. O'Hagan did no work on the Grand Met representation.
  • Dorsey & Whitney withdrew from representing Grand Met on September 9, 1988.
  • Less than a month later, on October 4, 1988, Grand Met publicly announced its tender offer for Pillsbury stock.
  • On August 18, 1988, while Dorsey & Whitney was still representing Grand Met, O'Hagan began purchasing call options for Pillsbury stock. Each option gave him the right to purchase 100 shares of Pillsbury stock by a specified date in September 1988. 
  • Later in August and in September, O'Hagan made additional purchases of Pillsbury call options.
  • By the end of September, he owned 2,500 unexpired Pillsbury options, apparently more than any other individual investor. O'Hagan also purchased, in September 1988, some 5,000 shares of Pillsbury common stock, at a price just under $39 per share.
  • When Grand Met announced its tender offer in October, the price of Pillsbury stock rose to nearly $60 per share. O'Hagan then sold the Pillsbury call options and common stock, making a profit of more than $4.3 million.
  • The Securities and Exchange Commission (SEC) initiated an investigation into O'Hagan's transactions, culminating in a 57-count indictment.
  • The indictment alleged that O'Hagan defrauded his law firm and its client, Grand Met, by using for his own trading purposes material, nonpublic information regarding Grand Met's planned tender offer.

PROCEDURE: A jury convicted O'Hagan on all counts, and he was sentenced to prison. The Court of Appeals for the Eighth Circuit reversed all of respondent's convictions for securities fraud.

ISSUE: Did O'Hagan through the trading of securities violate Section 10(b) and Rule 10b-5 when he misappropriated nonpublic information for his personal benefit?

Reference no: EM131524710

Questions Cloud

Direct and indirect distribution channels : Define what a distribution channel is and discuss why it is important to the marketing process.
How the marketing group can help the rest of organization : Referring to the same health care provider, discuss how the marketing group can help the rest of the organization to become more patient-centered.
Launch a social networking site : Imagine that you are about to launch a social networking site. Determine the target market to which your social media site will cater.
How does an understanding of the humanities impact your life : How does an understanding of the humanities impact your life? How do you integrate the philosophical and aesthetic values of the humanities into daily living?
Judgment or opinion for the us supreme court : Write, a judgment or opinion for the U.S. Supreme Court on the outcome of the case based on the facts and issue below.
Estimate the stock systematic risk from the market model : You must use at least 50 weekly or monthly observations on both stock and market returns to estimate the stock's systematic risk (beta) from the market model
Define the weighted average cost of capital : Cost of preferred stock, rps; cost of common equity or cost of common stock, rs.
Five-step marketing research process : You have decided to implement the Five-Step Marketing Research Process to help understand the problem and create solution strategies to implement.
Create one alternate hypothesis : Briefly describe your area of research interest. Create one alternate hypothesis and its associated null hypothesis related to your research area.

Reviews

Write a Review

 

Business Management Questions & Answers

  Equilibrium pre-trade wage and rental rate

Solve for equilibrium pre-trade wage and rental rate, remembering that due to the perfect competition problem and zero economic profit, P= MC, or P = aK . r + aL .w, in each sector, where aK and aL are capital and labour requirement in their respec..

  Expected u.s. gdp growth rate

Expected U.S. GDP Growth Rate. - Explain what is the expected GDP Growth Rate in the U.S.? What are trends, forecasts, and statistics?

  Minimum number of resources

One process requires M resource to complete a job. What should be the minimum number of resources available for N processes so that at least one process can continue to execute without blocking/waiting?

  Explain how do the bank secrecy and usa patriot act

Explain How do the Bank Secrecy and USA Patriot Act impact your privacy as a consumer and What is the impact on information technology and data? Do you agree or disagree with these acts?

  What are the fixed costs of hamburger production

In a slow year, Deutsche Burgers will produce 2.8 million hamburgers at a total cost of $4.2 million. In a good year, it can produce 5.3 million hamburgers at a total cost of $6.0 million. a. What are the fixed costs of hamburger production..

  Group of students from information technology program

First, you're meeting with a group of faculty from the English department. Then, you're meeting with a group of students from the Information Technology program. Lastly, you're meeting with four deans from the College of General Studies.

  Supply chain processes with quality improvement

Identify management's role in linking operations and supply chain processes with quality improvement. Identify how improving quality can lead to reduced costs.

  More distance learning courses

Graduate students taking one or more distance learning courses. Undergraduate students taking one or more distance learning course

  Describe the research design of the dissertation or thesis

Next, in a short paper, describe the research design of the dissertation or thesis, including design approach, methodology, and strategies used to gather research and data.

  On what basis would the plaintiffs claim

On what basis would the plaintiffs claim that their constitutional rights had been violated by the zoning change? Would they be correct?

  Leadership positions compared to men

Discussion Research shows that females are seen as more transformational leaders, yet they hold relatively few top leadership positions compared to men. Why do you think this is the case? What, if anything, could you do to change this situation?

  What types of strategies would you recommend

What types of strategies would you recommend for an organization that achieves total weighted scores of 3.6 on the IFE and 1.2 on the EFE Matrix?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd