RESPONDENT: Ernst & Young
LOCATION: Maple Heights High School
DOCKET NO.: 88-1480
DECIDED BY: Rehnquist Court (1988-1990)
LOWER COURT: United States Court of Appeals for the Eighth Circuit
CITATION: 494 US 56 (1990)
ARGUED: Nov 27, 1989
DECIDED: Feb 21, 1990
John R. McCambridge - on behalf of the Petitioners
John Matson - on behalf of the Respondent
Michael R. Lazerwitz - as amicus curiae, supporting the Petitioners
Facts of the case
Media for Reves v. Ernst & YoungAudio Transcription for Oral Argument - November 27, 1989 in Reves v. Ernst & Young
Audio Transcription for Opinion Announcement - February 21, 1990 in Reves v. Ernst & Young
William H. Rehnquist:
The opinion of the Court in No. 88-1480, Reves against Ernst & Young will be announced by Justice Marshall.
In this case, we hold that certain promissory notes payable on demand and securities within the meaning of this Securities Act of 1934.
The Act’s exclusion for certain short-term notes does not apply in this type of case.
The judgment of the Court of Appeals is therefore reversed.
Justice Stevens has filed a concurring opinion; the Chief Justice has filed an opinion concurring in part and dissenting in part in which Justice White, Justice O’Connor, and Justice Scalia have joined.