Reves v. Ernst & Young
Citation
507 U.S. 170 (1993)
Facts
Stub — to be completed.
Issue
Stub — to be completed.
Holding
Stub — to be completed.
Rule
(1) Notes are presumptively securities; the presumption can be rebutted by the “family resemblance” test comparing the note to judicially recognized non-securities. (2) RICO § 1962(c) liability requires that a defendant participate in the operation or management of the RICO enterprise.
Significance
Dual significance: established the family resemblance test for notes as securities; and the “operations or management” test limits RICO enterprise liability for outside advisers.