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Wilko v. Swan, 346 U.S. 427 (1953)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Wilko v. Swan, 346 U.S. 427 (1953)
Wilko v. Swan No. 39 Argued October 21, 1953 Decided December 7, 1953 346 U.S. 427
CERTIORARI TO THE UNITED STATES COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
In an action brought by a customer against a securities brokerage firm to recover damages, under the civil liabilities provisions of § 12(2) of the Securities Act of 1933, for alleged misrepresentation in the sale of securities, held that an agreement for arbitration of any controversy arising in the future between the parties was void under § 14, notwithstanding the provisions of the United States Arbitration Act. Pp. 428-438.
(a) The agreement to arbitrate future controversies was void under § 14 of the Securities Act as a "stipulation" binding the customer to "waive compliance" with a "provision" of the Act. Pp. 432-435.
(b) The right of an aggrieved person under § 22(a) to select the judicial forum is a "provision" of the Securities Act that cannot be waived under § 14 thereof. Pp. 434-438.
(c) As the protective provisions of the Securities Act require the exercise of judicial direction to fairly assure their effectiveness, Congress must have intended § 14 to apply to waiver of judicial trial and review. P. 437.
201 F.2d 439, reversed.
Petitioner sued respondents to recover damages under the Securities Act of 1933. Respondents’ motion to stay the action, pursuant to § 3 of the United States Arbitration Act, was denied by the District Court. 107 F.Supp. 75. The Court of Appeals reversed. 201 F.2d 439. This Court granted certiorari. 345 U.S. 969. Reversed, p. 438.
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Chicago: U.S. Supreme Court, "Syllabus," Wilko v. Swan, 346 U.S. 427 (1953) in 346 U.S. 427 346 U.S. 428. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=RR532NWNBY18ZY6.
MLA: U.S. Supreme Court. "Syllabus." Wilko v. Swan, 346 U.S. 427 (1953), in 346 U.S. 427, page 346 U.S. 428. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=RR532NWNBY18ZY6.
Harvard: U.S. Supreme Court, 'Syllabus' in Wilko v. Swan, 346 U.S. 427 (1953). cited in 1953, 346 U.S. 427, pp.346 U.S. 428. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=RR532NWNBY18ZY6.
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