The Merits Do Matter: A Comment on Professor Grundfest's "Disimplying Private Rights of Action under the Federal Securities Laws: The Commission's Authority"

Response to Professor Grundfest's arguments about the SEC's authority to disallow private rights of action under federal securities laws. Counters Grundfest's position by emphasizing the importance of private enforcement mechanisms in deterring securities fraud and ensuring investor protection, suggesting that the merits of a case should not be overlooked in determining whether a private right of action should exist.