United States Fourth Circuit

A finding of liability under Rule 10b-5 in a private securities case does not require an award of damages. In a given case, a jury could properly find that 1) the fraud constituted a substantial cause of the plaintiff's loss, and so find the defendant liable but 2) the plaintiff failed to provide a method to discern the amount of his loss solely caused by the fraud, and so refuse to award any damages.

Appellate Information

• Decided 04/14/2004
• Published 04/14/2004

Judges

• Before MOTZ, GREGORY, and DUNCAN, Circuit Judges.

Court

• United States Fourth Circuit

Counsel

• For Appellees:
  
• ARGUED:Keith R. Dutill, Stradley, Ronon, Stevens & Young, Malvern, Pennsylvania, for Appellants/Cross-appellees.  Keating Lewis Simons, III, Law Offices Of Simons & Keaveny, Charleston, South Carolina, for Appellee/Cross-appellant.   ON BRIEF:Michael D. O'Mara, Stradley, Ronon, Stevens & Young, Malvern, Pennsylvania, for Appellants/Cross-appellees.