Securities and Exchange Commission v. Capital Gains Research Bureau, Inc., et al.

Decided December 9, 1963. Arthur Joseph Goldberg delivered the opinion of the Court.

Docket 42 · 375 U.S. 180 (1963) · Cited 780 times

We don’t yet publish a summary of this opinion — read the official text below for the Court’s holding and reasoning.

How the Justices voted

Decided 7–1.

“Concurring” means agreeing with the outcome; any split shown is the Court’s judgment, not each Justice’s reasoning. Source: the Supreme Court Database (Spaeth et al.), Washington University.

Precedents cited

Supreme Court decisions this opinion relies on, ordered by how often it cites each. Cases in our collection link through; others are named.

• United States v. Mississippi Valley Generating Co. · 364 U.S. 520 (1961)
• Wilko v. Swan · 346 U.S. 427 (1953)
• United States v. Philadelphia National Bank · 374 U.S. 321 (1963)
• Silver v. New York Stock Exchange · 373 U.S. 341 (1963)
• Blau v. Lehman · 368 U.S. 403 (1962)
• Mosser v. Darrow · 341 U.S. 267 (1951)
• Federal Communications Commission v. American Broadcasting Co. · 347 U.S. 284 (1954)
• Peterson v. City of Greenville · 373 U.S. 244 (1963)

Cited by

Later Supreme Court opinions in our collection that cite this case.

• Aaron v. Securities & Exchange Commission · 446 U.S. 680 (1980)
• Transamerica Mortgage Advisors, Inc. v. Lewis · 444 U.S. 11 (1979)
• Lorenzo v. SEC. & Exch. Comm'n · 587 U.S. 71 (2019)
• Chadbourne & Parke LLP v. Troice · 571 U.S. 377 (2014)
• Ernst & Ernst v. Hochfelder · 425 U.S. 185 (1976)
• Santa Fe Industries, Inc. v. Green · 430 U.S. 462 (1977)
• Lowe v. Securities & Exchange Commission · 472 U.S. 181 (1985)
• Ali v. Federal Bureau of Prisons · 552 U.S. 214 (2008)
• Basic Inc. v. Levinson · 485 U.S. 224 (1988)
• Affiliated Ute Citizens of Utah v. United States · 406 U.S. 128 (1972)
• Herman & MacLean v. Huddleston · 459 U.S. 375 (1983)
• Securities & Exchange Commission v. Zandford · 535 U.S. 813 (2002)
• Kokesh v. SEC · 581 U.S. 455 (2017)
• Blue Chip Stamps v. Manor Drug Stores · 421 U.S. 723 (1975)
• Paris Adult Theatre I v. Slaton · 413 U.S. 49 (1973)
• Chiarella v. United States · 445 U.S. 222 (1980)
• United Housing Foundation, Inc. v. Forman · 421 U.S. 837 (1975)
• Pinter v. Dahl · 486 U.S. 622 (1988)
• Burks v. Lasker · 441 U.S. 471 (1979)
• Dirks v. Securities & Exchange Commission · 463 U.S. 646 (1983)
• United States v. Naftalin · 441 U.S. 768 (1979)
• SEC v. Jarkesy · 603 U.S. 109 (2024)

Official text

Read the official opinion (U.S. Reports, govinfo.gov)

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Source: the U.S. Reports via govinfo.gov; authoring Justice and vote lineup from the Supreme Court Database (Washington University). Citation count from the Free Law Project’s CourtListener bulk data. Data last verified 2026-07-03. Informational only; verify against the primary source before relying. Not a consumer report (FCRA).