Does the purchaser-seller standing limitation of Rule 10b-5 apply to a RICO claim when the act of fraud is based on acts of securities fraud?
MultiRegion, United States of America
The following excerpt is from Securities Investor Protection Corp. v. Vigman, 908 F.2d 1461 (9th Cir. 1990):
To determine whether the purchaser-seller standing limitation of a 10b-5 claim also applies to a RICO claim when the RICO claim is based on acts of securities fraud, we first look to RICO's text (see United States v. Turkette, 452 U.S. 576, 580, 101 S.Ct. 2524, 2527, 69 L.Ed.2d 246 (1981)) and compare that text to Rule 10b-5.
Section 1962(a) of RICO provides:
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