Document: 446 U.S. 680 100 S.Ct. 1945 64 L.Ed.2d 611 Peter E. AARON, Petitioner,v.SECURITIES AND EXCHANGE COMMISSION. No. 79-66. Argued Feb. 25, 1980. Decided June 2, Syllabus Section 17(a) of the Securities Act 1933 (1933 Act) makes it unlawful for any person in offer or sale security "(1) to employ device, scheme, artifice defraud, (2) obtain money property by means untrue statement a material fact omission state . ., (3) engage transaction, practice, course business which operates would operate as fraud deceit upon purchaser." 10(b) Exchange 1934 (1934 use, connection with purchase security, "any manipulative deceptive device contrivance" violation such regulations and Commission (SEC) may prescribe, Rule 10b-5 was promulgated implement this section. 20(b) § 21(d) authorize SEC seek injunctive relief against violations respective Acts further provide that, "upon proper showing," district court shall grant injunction. Pursuant §§ 21(d), filed complaint District Court petitioner, managerial employee broker-dealer, alleging that he had violated, aided abetted of, Act, 10b-5, his firm's sales campaign certain securities. Concluding there scienter on petitioner's part, found committed alleged. The Appeals affirmed, declining decide whether conduct support finding holding instead when is seeking relief, proof negligence alone will suffice. Held : required establish an element civil enforcement action enjoin 17(a)(1) but need not 17(a)(2) 17(a)(3) Act. Pp. 687-702. (a) Scienter regardless identity plaintiff nature sought. Ernst & v. Hochfelder, 425 185, 96 1375, 47 668. 10(b)'s language, particularly terms "manipulative," "device," "contrivance," clearly refer "knowing intentional misconduct," section's legislative history also points toward requirement. Capital Gains Research Bureau, 375 180, 84 275, 11 237, distinguished. 689-695. (b) 17(a)(1)'s "to defraud," plainly evinces intent Congress' part proscribe only knowing misconduct. By contrast, 17(a)(2)'s "by fact," devoid suggestion And 17(a)(3)'s whichoperates deceit," focuses theeffect particular members investing public, rather than culpability responsible. Cf. supra. There nothing 17(a)'s show congressional contrary conclusion thus under 17(a)(3). 695-700. (c) language both indicate Congress intended neither add nor detract from requisite showing substantive provisions at issue. 700-701. 605 F.2d 612, vacated remanded. Barry M. Fallick, Asst. Dist. Atty., New York City, petitioner. Ralph C. Ferrara, Washington, D. C., respondent. Mr. Justice STEWART delivered opinion Court. 1 issue case (Commission) Act), section 2 * When events giving rise proceeding occurred, petitioner L. Aaron Co. (the firm), registered broker-dealer its principal office City. Among other responsibilities firm, charged supervising made representatives maintaining so-called "due diligence" files those securities firm served market maker. One common stock Lawn-A-Mat Chemical Equipment Corp. (Lawn-A-Mat), company engaged selling lawn-care franchises supplying franchisees products equipment. 3 Between November 1974 September 1975, two Norman Schreiber Donald Jacobson, conducted they repeatedly false misleading statements effort solicit orders stock. During promotion, Jacobson informed prospective investors planning process manufacturing new type small car tractor, be marketed within six weeks. Lawn-A-Mat, however, no plans. projections substantial increases price optimistic concerning company's financial condition. These were without basis fact, since losing during relevant period. 4 Upon receiving several complaints investors, officer their requested them cease making statements. This request went unheeded. 5 Thereafter, Milton Kean, attorney representing Lawn-a-Mat, communicated twice telephone. In these conversations, Kean described substance what saying. addition being so reason know false, knew reports Lawn-A-Mat's due diligence file indicated deteriorating condition revealed plans tractor. Although assuring misrepresentations cease, took affirmative steps prevent recurrence. response telephone calls inform Kean's direct him communicate Kean. Otherwise, did supervision continuing make promoting 6 February 1976, Southern seven defendants preliminary final pursuant alleged violated three provisions—§ Act.1 gravamen charges employees fraudulent practices, failed take adequate practices continuing. Before commencement trial, all except consented entry permanent injunctions them. 7 Following bench 17(a), 10(b), enjoined future provisions.2 Court's past based factual intentionally discharge supervisory responsibility stop misleading. noting might suffice action, concluded "intentionally terminate fraudulent, sufficient laws." As remedy, even though gone bankrupt longer working brokerdealer, reasoned warranted light "the extent [petitioner's] failure recognize wrongful likelihood repeating violative conduct." 8 Second Circuit affirmed judgment. 612. Declining reach question scienter, held "proof suffice" 10b-5. Id., 619. With regard noted 668, allegation necessary private cause damages expressly reserved must suit brought Commission. 194, n. 12, 1381. requirement ofHochfelder does apply proceedings said find relationship between overall scheme laws, "compelling distinctions damage actions government injunction actions"3 For enforce relied earlier decision Coven, 581 1020 (1978). contains suggest enacting considered requirement, "opted liability willfulness, like." 1027-1028.4 Finally, facts circumstances case, entitled relief. F.2d, 623-624. 9 We granted certiorari resolve conflict federal courts scienter—an defendant deceive, manipulate, defraud5—as 17(a),6 10b-5.7 444 914, 900 227, 62 168. II 10 statutory here are 48 Stat. 84, amended, 15 U.S.C. 77q(a), 891, 78j(b). applies sellers, provides: "It use instruments transportation communication interstate commerce mails, directly indirectly— 12 13 "(2) order made, misleading, 14 "(3) buyers "unlawful [t]o employ, contrivance contravention rules prescribe appropriate public interest protection investors." rulemaking power section, now 16 person, indirectly, instrumentality commerce, mails facility national exchange, 17 "(a) To 18 "(b) omit 19 "(c) act, security." CFR 240.10b-5 (1979). 20 mechanism consists express implied remedies. remedy 86, set forth 77t(b), 21 "Whenever appear about acts constitute subchapter [e. g., 17(a)], rule regulation prescribed authority thereof, discretion, bring United States temporary restraining bond." 22 Similarly, 900, 78u(d), authorizes whenever appears "is [constituting]" (e. 10(b)), thereto, 10b-5), requires showing" 23 Another facet damages. unlike authorized statute, has been judicially implied. See U.S., 196-197, S.Ct., 1382-1383. assumed existence see supra; Blue Chip Stamps Manor Drug Stores, 421 723, 730, 95 1917, 1922, 44 539; Affiliated Ute Citizens States, 406 128, 150-154, 92 1456, 1470-1472, 31 741; Superintendent Insurance Bankers Life Cas. Co., 404 6, 13, 9, 165, 169, 30 occasion address exists 17(a). supra, 733, 1924. 24 either scienter. Resolution could depend (1) authorizing 21(d). turn examination each determine require A. 25 determining we do write clean slate. Rather, starting point our inquiry lie absence presented present 193, 1381, nonetheless guided reasoning decision. 26 Hochfelder allegations simple sustain rested grounds. most important plain meaning 10(b). It view "contrivance"—whether given commonly accepted read art—quite evinced 197-199, meaning, thought unambiguous "further unnecessary." 201, 1384. 27 additional structure Acts. history, "bereft explicit explanation intent," contained "no indication involving scienter." 201-202, 1385. noted, spokesman drafters predecessor function " 'catch-all clause devices.' 202, description, well various passages Committee Reports evils directed, evidenced purpose Moreover, Acts, observed instance created liability, specified standard liability. premise merely negligent conduct, concluded, run counter wherever accomplish result, subjected significant procedural restraints applicable 206-211, 1387-1389. Commission's necessarily limited ambit authority, likewise restricted scienter.8 28 view, rationale Hockfelder ineluctably leads Two factors —the history—are alleged, 21(d).9 involved contemplation enacted id., 196, 1382, quite anomalous like one, violations, attach least much significance 29 argues damages, guide construing context urged look 237. That prohibition 206(2) Investment Advisers 1940, 80b-6, act practice investment adviser "operates client client." sought compel disclosure known "scalping," whereby purchases shares own account shortly before recommending long-term investment, then promptly sells profit value following recommendation. 206(2)10 prove acted defraud. required. "Investment 1940 reflects recognition 'of delicate fiduciary advisory relationship,' eliminate, expose, conflicts incline consciously unconsciously—to render advice disinterested." 191-192, 282-283, (footnote omitted). intent, reasoned, expressed Congress. added "not derogation law fraud." 192, 283. recognizing defraud recover arm's-length emphasized "mild prophylactic" requiring disclose transactions stocks clients. "equitable prophylactic relief" "[f]raud broader equity [than law] intention misrepresent element." Ibid., quoting W. De Funiak, Handbook Modern Equity 235 (2d ed. 1956). necessary, said, adviser, elements party transaction. cognizance "growing common-law doctrines developed around land tangible items wealth ill-suited intangibles securities, accordingly, adapted merchandise issue." 284. Unwilling assume unaware developments law, "reinforce[d]" 206(2). 195, 32 emphasis distinction should construction relief.11 cannot, draw guidance reasons. First, wholly apart discussion judicial treatment "fraud" equity, strong demonstrate towards Second, clear Gains, (emphasis added) effect practice. Again, 10(b)—particularly "contrivance"—clearly refers misconduct." Finally insofar provision regulating special client, dealing situation have damages.12 equal force nonfiduciary sum, controlling precedent ratherHochfelder. Accordingly, conclude B 33 less precedential us. But principles settled. Though cognizant "Congress legislation avoiding frauds construed 'not technically restrictively, flexibly effectuate remedial purposes,' 151, 1471, quoting, 285, "generalized references 'remedial purposes' laws "will justify reading 'more broadly reasonably permit.' Touche Ross Redington, 442 560, 578, 99 2479, 2490, 61 82, Sloan, 436 103, 116, 98 1702, 1711, 56 148. Thus, if sufficiently odds unnecessary examine considerations 'policy' influenced lawmakers formulation statute." 214, 33, 1391, 33. 34 strongly suggests contemplated 17(a)(1), Even term "defraud" ambiguous, varied meanings "scheme," "artifice" connote practices.13 Indeed, figured prominently embraces requirement.14 199, 1383. 35 17(a)(2), prohibits obtaining whatsoever well-known commentator "[t]here face Clause itself smacks defraud." Loss, Regulation 1442 1961). pointed out similar 10b-5(b) "could proscribing misstatement defrauding wrongdoing not." 212, 1390. 36 17(a)(3), follows attributed similarly worded "showing [of] deliberate dishonesty protecting 200, 287. 37 parties adopt uniform subparagraphs simply amenable interpretation. first time emphasize among Naftalin, 441 768, 774, 2077, 2082, 60 624, subparagraph "proscribes distinct category Each succeeding meant cover kinds illegalities—not narrow prior sections." (Footnote omitted.) drafted manner one two, very expression statute mean seems say. 38 history. ultimately genesis identical bills introduced simultaneously House Senate 1933. H.R. 4314, 73d Cong., 1st Sess. (Mar. 29, 1933); S. 875, 1933).15 originally drafted, 39 "willfully pretense, representation, promise, 40 Hearings Interstate Foreign Commerce Banking Currency Committee. 41 Committees reported different versions 13. expanded including "dummy," legal nominal title moral obligation someone else. amended Committee, 42 'dummy', purchaser. ." 43 (Apr. 27, S.Rep. 47, Sess., 4-5 (1933). retained original version word "willfully" deleted beginning provision.16 5480, 16(a) (May 4, 1933). rejected clause, artifice," modified phrase, "with ibid.; Federal Act: 4314 Commerce, 146 adopted Conference minor modification here, H.R.Conf.Rep. 152, (1933), later into elimination reveals clauses argument, rests entirely inference, Report sheds 17(a).17 gives equally plausible inference intent—"willfully" defraud"—was redundant, "willful[ness]" included. clear, therefore, albeit consistent 17(a).18 words prevail.19 C 45 remains determined modify far concerned. 46 Sections [is] practices" constituting thereunder "a include, minimum, thereunder. enjoined, proved respect purports impose independent intent. say, bearing violating violate cases where "about constitute" provisions, evidentiary predicate occur. Commonwealth Securities, Inc., 574 90, 98-100 (CA2 1978) (Friendly, J.); 1976. An factor degree evident defendant's conduct. Wills, 472 F.Supp. 1250, 1273-1275 (DC 1978). recognizes, consider lack aggravating mitigating taken exercising equitable discretion deciding exercise ensure "nice adjustment reconciliation needs." Hecht Bowles, 321 321, 329, 587, 592, 88 L.Ed. 754. III reasons stated opinion, hold issuance misapprehension question. judgment vacated, remanded opinion. 49 ordered. 50 Chief BURGER, concurring. 51 I join separately points: 52 No matter mental require, correct entering Petitioner grossly promote Yet recurring. He discharged salesmen rebuked them; whatever salesmanship unethical, illegal, stop. Hence, findings failed" likely repeat abundant record. my ground alone. 53 agree not. recognize, course, "drives wedge [sellers buyers] says henceforth seller's enjoined." At 715 (BLACKMUN, J., dissenting). wedge"; done that. compelled large measure 668 (1976), manifested statutes histories. If, intimated, result "bad" policy, concern changes can made. 54 bears mention dispute, pressed vigorously sides, ado nothing. because "there reasonable wrong repeated." Nursing Centers, 458 1082, 1100 1975). Accord, Keller Corp., 323 397, 402 (CA7 1963). showing, almost always sins more negligence. Because some violation, whose good faith enjoined. Court, 701. be. drastic mild prophylactic, obtained acting faith. 55 BLACKMUN, whom BRENNAN MARSHALL join, concurring dissenting part. concur 1933, 77q(a)(2) (3), purposes dissent remainder am 77q(a)(1), 1934, 78j(b), elaborated (1979), trading. affirm entirety. 57 issues critical. primary antifraud laws. They chief through Commission, deception marketplace. 77t(b); 78u(d). key weapons arsenal securing integrity investor confidence. Douglas Bates, Yale L.J. 171, 182 (1933); Note, 1023 (1948). If denied ability effectively nip bud deceptions investigations revealed, honest ones who suffer. Often themselves stripped investments reliance information lacked contain. 58 Today's many, most, situations able unnecessarily undercuts police little extrapolation employed imposing Whatever context, perceive governing here. believe sound distinguishing statutes, applying standard, applied anywhere, former class cases. 59 keeping places assertedly meaning. "device, defraud" "manipulative 690, 696. connotation, implicitly incorporates traditionally fraud. specific responses wooden analysis. unclear call restrictive definition. recognized 237 (1963), generally often dispensed chancery. object, 'meaning imparted mischief remedied.' St. Paul Fire Marine Ins. Barry, 438 531, 545, 2923, 2932, 932 (1978), Duparquet Evans, 297 216, 221, 412, 414, 80 591 (1936). [their] purposes." 285; 168, 128 (1971); 741 (1972). Joiner Leasing 320 344, 350-351, 120, 123, (1943); Housing Foundation, Inc. Forman, 837, 849-851, 2051, 2059-2060, 621 (1975). doubt "mischief" confronting included misrepresentation. concern, ran deeper still, develop regulatory framework free flow honest, reliable markets. desire substitute philosophy full caveat emptor," place control 186, 280; see, e. H.R.Rep.No.85, 1-5 875 Currency, 71 step perceived fundamental prerequisite restoration confidence sorely needed after debacles helped plummet Nation major economic depression. 775, 624 Reading mind, certain—although professes be—that incapable include something willful behavior. "willfully," elsewhere wanted specify knowledge conspicuously missing.1 Instead, variety describe prohibit. operative disjunctive, separate Contrary identify range behavior misconduct, admit interpretation, actions, reaches specifically example, "device" scope suggests. used synonym "practice," connotation confer prohibit detrimental interests investor." S.Rep.No.792, 2d (1934). (c)(1) 78o (c)(1), interpreted approval practices. 15c-1-2, 240.15cl-2 (1979); H.R.Rep.No.2307, 75th 3d (1938). broad definition enactments. Armour Packing 209 56, 71, 428, 431, 681 (1908), contention Elkins 847, resort underhanded, dishonest, means. 63 evidence provides stronger understanding dictionary relies. 696, 13; cf. 20,2 least, fully counters bald assertion "plain" policy administrative interpretation ignored defining legislation. See, 695, 700, 19. Division lower over us minds differ import terminology used. analysis, disagree ending well. disagreement analysis utter harmonize prevailing enacted. On occasions, relevance Chiarella 445 222, 227-229, 1108, 1114-1115, 348 (1980). Lanza Drexel 479 1277, 1289-1291 1973) (en banc). oddly finds inapplicable. casts aside position stands stark contrast tradition (1963). 65 called construe 80b-6(2). general framed Appeals, sitting en banc, decided close vote unless 306 606 1962). rejecting fraud, reversed. said: 66 "The content remained static below seem assumed. varied, sought, parties, monetary damages." 67 particular, omitted. 193-194, 283-284. Moore Crawford, 130 122, 447, 448, 878 (1889). 68 dispute veracity Gains. standards commentators century. J. Story, Jurisprudence 186-187 (6th 1853); G. Bower, Law Actionable Misrepresentation 250 (1911); Pomeroy, 885 (4th 1918); Williston, Contracts 1500 (1920); Walsh, 109, p. 509 (1930). Shulman, Civil Liability 231 difference attributable historical accident conscious policy. Keeton, Misrepresentation: Legal Fault Requirement (Part I), Okl.L.Rev. 21, explained, survived "[i]t injury, problem practical court." F. Lawrence, Substantive (1929) original); 17. consequence focus, consistently rescission misrepresentation sufficient, wrongdoer shown. 69 distinguish grounds somewhat stressed confidential duties advisers 693-695. observations, weaken relied. pertinent involves actual dissemination serving maker security; adviser's facts. duty arguably broker's silence become charge 228, 1114. Here, underlying desired 70 tradition, moreover, buttressed reference precursors many attempted deal enactment "blue-sky" statutes. turned problem, explicitly drew experience. York, Jersey, Maryland, Delaware, empowered attorneys uncovered. Of prominent Martin 1921 N.Y.Laws, ch. 649, N.Y.Gen.Bus.Law, 352-353 (Consol.1921), fairly actively enforced. referred models authorities. experience State attention example follow.3 People Federated Radio 244 N.Y. 154 N.E. 655 (1926), defense justified looking traditional referred. held: 72 "[I]ntentional misstatements, Material influence bargain, maintained rescind consummated enough." 40-41, N.E., 658. 73 tenor transactions. 987, 988 (1931). 74 dismisses observation, 18, holdings placed isolated novel twists law. established, longstanding chosen ignore. convinced aware 3, depart it, left traces find. 591-592, 754 (1944) ("We requirements background hundred years history"). 75 textual exegesis assessment serious error appreciate structural interrelationship remedies accord weight powers 76 advanced 1387-1389, application context. limitations causes available Ibid. effectiveness companion undermined plaintiffs sustaining losses sue 210, 1389. Obviously, danger Commission-initiated admits much. 691, 9.4 77 pattern criminal punishments contemplated. mind treated precision. "knowing," "willful," "good faith," wished state-of-mind contrasts sharply inclusion prosecution. Compare 77x, 32(a) 78ff(a). create pursued prerequisites.5 comports give maximum flexibility unanticipated problems, confine efforts rigid framework. H.R.Rep.No.1383, 6-7 (1934); 5-6 78 Cong.Rec. 8113 deviates scheme. deviation, partial. After today's decision, still possible halfway-house approach highlights fill gap legislation, purchasers sellers Ward La France Truck S.E.C. 373, 381, Release 3230 1942). recognized, harmony. drives them, searched vain logic division. Its support, tell, technical linguistic 79 Many refused go far. Both practices.6 judges anticipated advocating strictures Texas Gulf Sulphur 401 833, 866-868 1968) (concurring opinion), cert. sub nom. Coates SEC, 394 976, 89 1454, 756 (1969), cited 197, 211, 213, 1389, 1391. refusal limit difficult fathom. "[i]mpressive policies" caused negligence, swindling. 1020, 1027 1978), denied, 440 950, 1432, 640 False "can inflicting pecuniary loss potent chisel crowbar." Benjamin, 328 854, 863 (CA2), Howard 377 953, 1631, 497 (1964). misinformation loss, comfort bilked mistake design, recovery foreclosed decisions.7 illustrate, play essential role preserving preventing loss. See,e. World Mission, 544 535, 540-541 (CA1 1976); Management Dynamics, 515 801, 809 1975); 1095-1097 1972).8 81 arrive reached while structure, purpose, favor permits having fortified approved related context.9 compels dissent. registration 5(a), 77e(a), (c). violations. holding, challenged portion Appeals' CCH Fed.Sec.L.Rep. ¶ 96,043 (1977). previous decisions "uniformly [did] Commission." 620-621. premised types suits advance goals: designed compensation individual whereas serve public. relying cases, "[i]n acts, increased predicated outweigh[s] potential harm 621. Neither gave subsection subsections violated. "scienter" throughout embracing question, ibid., whether, circumstances, reckless Compare, (scienter 17(a)(1)-(3)), Steadman 603 1126 (CA5 1979) disciplinary 17(a)(2)-(3)), Cenco, 193 (ND Ill.1977) 17(a)(1)-(3)). 535 1976) Blatt, 583 1325 10b-5). "when activities S.Ct, third factor—the Acts—obviously applicability evident, determinative Hochfelder. standing alone, 209(e) Advisors 80b-9(e), part: engaged, subchapter, rule, regulation, hereunder, compliance hereunder. decree occasions amendments enacted—the Amendments Pub.L. 94-29, 97, Corrupt Practices 1977, 95-213, 91 1494—and undisturbed. S.Rep.No.94-75, (1975), U.S.Code Cong. Admin.News 179; H.R.Rep.No.95-640, But, consideration addressed principally matters overturn falls short providing 119-121, 1712-1713, concluded: "Thus, intended, effect, codify logical codified 'remedially' prevention fiduciaries, 'technically' ordinary chattels." 284 added). Webster's International Dictionary 1934) defines "[t]hat devised, formed design; contrivance; invention; project; scheme; often, deceive; stratagem; "scheme" "[a] plan program done; enterprise; as, scheme[, or] [a] crafty, unethical project," "[c]rafty device; trickery; also, artful stratagem trick; artfulness; ingeniousness." addition, employ," "supportive intend embrace 20, 1384, 20. hearings, 5480 substituted 4314. renumbered 16(a), divided subparagraphs, second explaining "dummy" bill form Conf. Rep. why acquiesced delete explain followed significant, Report, terms, purported discuss "differences agreed conferees." 24. deletion substitute. patterned York's N. Y. Gen. Bus. Attorney General. (1926). cannot inferred 17(a)(1). Since dispositive, "policy" arguments parties. draft Houses phrase provision. inserted Senate, emerged conference H.R.Conf.Rep.No. 26-27 bill, contain "intent 1933), conferees draft. Landis, Legislative History Geo.Wash.L.Rev. (1959). events, never explained deleting language. 699-700. discussed differences substitute, "minor clarifying changes" effective procedure provided remove uncertainties" H.R.Conf.Rep.No.152, retention Senate's undoubtedly clarity acceded, difficult, theory, understand change have. 2994 (1933) (colloquy Sens. Fess Fletcher); 2919 (remarks Rayburn). noteworthy consideration, proposal amend undertaken deceive." 8703 voted down. 8708. spread brokerage house qualify "device "deceptive device" "deceptive," adding connotations "device." disposition well, found. 11, 95, 112 146-147, 156, 170, 245-246, 253 8096 Congress, 33-34, 35-43 Nor 'broadening area law,' animating limiting 747-748, 1931, 539, 539 Ultramares Touche, 255 179-180, 174 441, (1931), 77e, Spectrum, Ltd., 489 541-542 1973); North American Development 424 63, 73-74 1970). 8(b), 77h(b) (power withhold effectiveness); 8(d), 77h(d) "stop order" suspending effectiveness). incorporated although prosecution revocation registrations. Tit. II, 908-909. 541, 1096 1972); 1968), (1969); Dolnick, 501 1279, 1284 1974); Geyser Minerals 452 876, 880-881 (CA10 1971). 1026 Realty Trust, 586 1001, 1006-1007 (CA4 1978); Van Horn, 371 181, 185-186 1966); latter interpretations questioned defended theory preferable misstatements shoulders responsible innocent suffer silence. Judge Alexander Holtzoff, Special Assistant General put way: "Criminal knowingly statement. mistake. Let loses it. Now, suffer? man puts circulation people rely mistaken statement?" 207 124-125 (testimony Ollie Butler, Service Division, Department Commerce). importance proposed Code Institute ALI, 262(d), 297(a), 1602(a), 1819(a)(3), 1819(a)(4) (Prop. Off. Draft ALI Bar Association, A.B.A.J. 341 undertook relatively revision 97; 1975: 249 Subcommittee Banking, Housing, Urban Affairs, 94th deliberations, 21(g) 78u(g), absent consent consolidated proceedings. nature, "are different," involve complications seeks relief: "Private frequently greatly increasing extensive pretrial discovery. causation, demonstrated action." Admin. News 254 original). re-examined 1494. Case detail, Representatives declared: "In difference. same protect recurrence punish intends proceeding." expressions Congresses, statements, 1934. views subsequent weight, undertakes leaves disputed intact. Cf., Andrus Allard, 51, 59, 10, 318, 323, 210 Rutherford, 544, 553-554, 2470, 2476-2477, Board Governors First Lincolnwood 439 234, 248, 505, 513, 484 (1978); NLRB Bell Aerospace 416 267, 274-275, 94 1757, 1761-1762, 134 (1974).

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