United States v. National Association of Securities Dealers, Inc., et al.

Decided June 26, 1975. Lewis Franklin Powell Jr. delivered the opinion of the Court.

Docket 73-1701 · 422 U.S. 694 (1975) · Cited 251 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 5–4.

“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. Philadelphia National Bank · 374 U.S. 321 (1963)
• Silver v. New York Stock Exchange · 373 U.S. 341 (1963)
• Pan American World Airways, Inc. v. United States · 371 U.S. 296 (1963)
• Otter Tail Power Co. v. United States · 410 U.S. 366 (1973)
• Hughes Tool Co. v. Trans World Airlines, Inc. · 409 U.S. 363 (1973)
• Federal Maritime Commission v. Seatrain Lines, Inc. · 411 U.S. 726 (1973)
• United States v. Borden Co. · 308 U.S. 188 (1939)
• Ricci v. Chicago Mercantile Exchange · 409 U.S. 289 (1973)
• United States v. Radio Corp. of America · 358 U.S. 334 (1959)
• California v. Federal Power Commission · 369 U.S. 482 (1962)
• United States v. McKesson & Robbins, Inc. · 351 U.S. 305 (1956)
• Udall v. Tallman · 380 U.S. 1 (1965)
• United States v. Socony-Vacuum Oil Co. · 310 U.S. 150 (1940)
• United States v. Cartwright · 411 U.S. 546 (1973)
• Fashion Originators' Guild of America, Inc. v. Federal Trade Commission · 312 U.S. 457 (1941)
• United States v. Trenton Potteries Co. · 273 U.S. 392 (1927)
• Investment Company Institute v. Camp · 401 U.S. 617 (1971)
• Carnation Co. v. Pacific Westbound Conference · 383 U.S. 213 (1966)
• Saxbe v. Bustos · 419 U.S. 65 (1974)

Cited by

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

• E. I. Du Pont De Nemours & Co. v. Collins · 432 U.S. 46 (1977)
• Radzanower v. Touche Ross & Co. · 426 U.S. 148 (1976)
• Southern Motor Carriers Rate Conference, Inc. v. United States · 471 U.S. 48 (1985)
• Andrus v. Shell Oil Co. · 446 U.S. 657 (1980)
• Mitsubishi Motors Corp. v. Soler Chrysler-Plymouth, Inc. · 473 U.S. 614 (1985)
• Kamen v. Kemper Financial Services, Inc. · 500 U.S. 90 (1991)
• Piper v. Chris-Craft Industries, Inc. · 430 U.S. 1 (1977)
• International Brotherhood of Teamsters v. Daniel · 439 U.S. 551 (1979)
• Burks v. Lasker · 441 U.S. 471 (1979)
• Verizon Communications Inc. v. Law Offices of Curtis v. Trinko, LLP · 540 U.S. 398 (2004)
• Cantor v. Detroit Edison Co. · 428 U.S. 579 (1976)
• Securities & Exchange Commission v. Sloan · 436 U.S. 103 (1978)
• Steadman v. Securities & Exchange Commission · 450 U.S. 91 (1981)
• Mountain States Telephone & Telegraph Co. v. Pueblo of Santa Ana · 472 U.S. 237 (1985)
• Young v. Community Nutrition Institute · 476 U.S. 974 (1986)
• Abbott Laboratories v. Portland Retail Druggists Assn., Inc. · 425 U.S. 1 (1976)
• Brown v. Pro Football, Inc. · 518 U.S. 231 (1996)

Official text

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

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Lewis Franklin Powell Jr.’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).