Reves v. Ernst & Young

PETITIONER:Reves
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

ADVOCATES:
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

Question

Media for Reves v. Ernst & Young

Audio 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.

Thurgood 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.