Securities and Exchange Commission v. National Securities, Inc., et al.

Decided January 27, 1969. Thurgood Marshall delivered the opinion of the Court.

Docket 41 · 393 U.S. 453 (1969) · Cited 764 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 8–1.

“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.

• Paul v. Virginia · 75 U.S. 168 (1869)
• J. I. Case Co. v. Borak · 377 U.S. 426 (1964)
• United States v. South-Eastern Underwriters Assn. · 322 U.S. 533 (1944)
• Securities & Exchange Commission v. C. M. Joiner Leasing Corp. · 320 U.S. 344 (1943)
• Prudential Insurance v. Benjamin · 328 U.S. 408 (1946)
• Securities & Exchange Commission v. Variable Annuity Life Insurance · 359 U.S. 65 (1959)
• Federal Trade Commission v. National Casualty Co. · 357 U.S. 560 (1958)
• Securities & Exchange Commission v. United Benefit Life Insurance · 387 U.S. 202 (1967)

Cited by

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

• United States Department of Treasury v. Fabe · 508 U.S. 491 (1993)
• Group Life & Health Insurance v. Royal Drug Co. · 440 U.S. 205 (1979)
• Union Labor Life Insurance v. Pireno · 458 U.S. 119 (1982)
• Humana Inc. v. Forsyth · 525 U.S. 299 (1999)
• St. Paul Fire & Marine Insurance v. Barry · 438 U.S. 531 (1978)
• United States v. Naftalin · 441 U.S. 768 (1979)
• Blue Chip Stamps v. Manor Drug Stores · 421 U.S. 723 (1975)
• Hartford Fire Ins. Co. v. California · 509 U.S. 764 (1993)
• Ernst & Ernst v. Hochfelder · 425 U.S. 185 (1976)
• Mills v. Electric Auto-Lite Co. · 396 U.S. 375 (1970)
• Metropolitan Life Insurance v. Massachusetts · 471 U.S. 724 (1985)
• United States v. Batchelder · 442 U.S. 114 (1979)
• Holmes v. Securities Investor Protection Corporation · 503 U.S. 258 (1992)
• Herman & MacLean v. Huddleston · 459 U.S. 375 (1983)
• Gustafson v. Alloyd Co. · 513 U.S. 561 (1995)
• Western & Southern Life Ins. Co. v. State Bd. of Equalization of Cal. · 451 U.S. 648 (1981)
• International Brotherhood of Teamsters v. Daniel · 439 U.S. 551 (1979)
• Rush Prudential HMO, Inc. v. Moran · 536 U.S. 355 (2002)
• Kern County Land Co. v. Occidental Petroleum Corp. · 411 U.S. 582 (1973)
• Arizona Governing Committee for Tax Deferred Annuity & Deferred Compensation Plans v. Norris · 463 U.S. 1073 (1983)
• Reliance Electric Co. v. Emerson Electric Co. · 404 U.S. 418 (1972)
• Third Nat. Bank in Nashville v. Impac Limited, Inc. · 432 U.S. 312 (1977)

Official text

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

Explore from here

Thurgood Marshall’s profile · All Supreme Court opinions · The Supreme Court

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).