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Amanda Marie Rose

The chapter recounts the historical evolution of the private right of action under Rule 10b-5, explaining how it began as a cause of action not unlike traditional common law fraud and later morphed into the modern fraud-on-the-market class action. While the early version of the Rule 10b-5 private right was arguably consistent with standard corrective justice and deterrence rationales for private litigation, the author argues that the modern fraud-on-the-market class action is difficult to defend on these grounds. The historical and theoretical context provided by the chapter offers a lens for understanding contemporary scholarly debates over the social desirability of private Rule 10b-5 enforcement.