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Securities Regulation Keyed to Coffee
Dirks v. Securities and Exchange Commission
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*Case Brief Anatomy includes: Brief Prologue, Complete Case Brief, Brief Epilogue
- The Brief Prologue provides necessary case brief introductory information and includes:
- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
- Case Key Terms, Acts, Doctrines, etc.: A case specific Legal Term Dictionary.
- Case Doctrines, Acts, Statutes, Amendments and Treatises: Identifies and Defines Legal Authority used in this case.
- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
- Brief Facts: A Synopsis of the Facts of the case.
- Rule of Law: Identifies the Legal Principle the Court used in deciding the case.
- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
A stock market analyst, Dirks, was made aware of accusations that Equity Funding of America was in a dangerous financial state due to immense fraud. He began an investigation and using the information he had acquired from specific insiders, Dirks decided that Equity Funding was in pathetic financial condition, and that its worth would drop significantly once the facts became public. He suggested multiple clients to sell. Afterwards, Equity Funding’s situation became public information and its worth plunged. The SEC (Plaintiff) performed an investigation causing Dirks to be held by the SEC to be in violation of Rule 10b-5 by trading inside information. He was censured as punishment. The Court of Appeals for the District of Columbia affirmed, and the Supreme Court granted review.
- Issue(s): Lists the Questions of Law that are raised by the Facts of the case.
- Holding: Shares the Court's answer to the legal questions raised in the issue.
- Concurring / Dissenting Opinions: Includes valuable concurring or dissenting opinions and their key points.
- Reasoning and Analysis: Identifies the chain of argument(s) which led the judges to rule as they did.
- The Brief Prologue closes the case brief with important forward-looking discussion and includes:
- Policy: Identifies the Policy if any that has been established by the case.
- Court Direction: Shares where the Court went from here for this case.