The case concerned a provision of the Securities Exchange Act of 1934 dealing with manipulating and evading rules set by the SEC.

United then sued Wharf in the United States District Court for the District of Colorado, claiming that Wharf violated the Securities Exchange Act of 1934, which prohibits using "any manipulative or deceptive device or contrivance...in connection with the purchase or sale of any security.

[1] Justice Stephen Breyer wrote the unanimous decision of the Court, which affirmed the Tenth Circuit.

[4] Justice Breyer wrote for the Court that there was no "convincing reason to interpret the Act to exclude oral contracts as a class.

"[4] Under this reasoning, the Tenth Circuit was correct in affirming the jury's verdict, and Wharf Limited was found to have violated the 1934 Act.