Cisco Systems, Inc. v. Doe · ¶44

In Central Bank of Denver, N. A. v. First Interstate Bank of Denver, N. A., 511 U. S. 164 (1994), we held that §10(b) of the Securities Exchange Act of 1934 does not create civil aiding-and-abetting liability. Our analysis was straightforward: Section 10(b) “‘does not in terms mention aiding and abetting.’” Id., at 175. That fact differentiates it from other civil statutes in which Congress expressly provided for that specialized form of liability. Id., at 176−177, 182−183 (collecting statutes). Because Congress “‘ha[s] little trouble’” imposing aiding-and-abetting liability “‘expressly,’” its omission of the phrase in §10(b) was dispositive. Id., at 177 (quoting Blue Chip Stamps v. Manor Drug Stores, 421 U. S. 723, 734 (1975)).

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