| Blue Chip Stamps v. Manor Drug Stores | ||||||
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Supreme Court of the United States |
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| Argued March 24, 1975 Decided June 9, 1975 |
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| Full case name | Blue Chip Stamps v. Manor Drug Stores | |||||
| Citations | 421 U.S. 723 (more) 44 L.Ed.2d 539; 95 S.Ct. 1917 |
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| Prior history | Certiorari 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 | ||||||
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| Case opinions | ||||||
| Majority | Rehnquist, joined by Burger, Stewart, White, Marshall, Powell | |||||
| Dissent | Blackmun, 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.