Can a private cause of action be brought for a violation of Rule 10b-10?
The following excerpt is from Press v. Quick & Reilly, 218 F.3d 121 (2nd Cir. 1980):
7. By dismissing the complaints in their entirety, the district court must have presumed that a violation of Rule 10b-10 does not, of itself, create a private cause of action. Whether a private cause of action may be brought for violations of Rule 10b-10 appears to be an open question, see Levitin v. Painewebber, Inc., 933 F. Supp. 325, 329-30 (S.D.N.Y. 1996), aff'd, 159 F.3d 698 (2d Cir. 1998), cert. denied, 525 U.S. 1144 (1999), but we need not consider the issue because, as discussed infra, defendants have complied with Rule 10b-10.
7. By dismissing the complaints in their entirety, the district court must have presumed that a violation of Rule 10b-10 does not, of itself, create a private cause of action. Whether a private cause of action may be brought for violations of Rule 10b-10 appears to be an open question, see Levitin v. Painewebber, Inc., 933 F. Supp. 325, 329-30 (S.D.N.Y. 1996), aff'd, 159 F.3d 698 (2d Cir. 1998), cert. denied, 525 U.S. 1144 (1999), but we need not consider the issue because, as discussed infra, defendants have complied with Rule 10b-10.
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