Q: What is the implicit cause of action?
implicit cause of action
-more common than explicit remedies
-J.I. Case Co. v. Borak (1964): Implied right of action b/c private enforcement necessary to supplement Commission action and effectuate purpose (stockholder alleges merger effected by circulation of false and misleading statements)
-JM – puzzle is why public can’t derivatively pursue rights of public if shareholder can sue on behalf of corporation
-JM – big missing discussion is federalism b/c we’re talking about corporations law
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