The Possible Future of Private Rights of Action for Proxy Fraud: The Parallel between <i>Borak</i> and <i>Wilko</i>

I. Introduction II. Wilko v. Swan III. The Subsequent Treatment of Wilco ... A. Chipping at the Foundation ... B. Rejecting the Wilko Analysis ... C. The Death of Wilko—Rodriguez De Quijas v. Shearson/American Express, Inc. IV. J. I. Case Co. v. Borak V. The Subsequent Treatment of Borak ... A. Chipping at the Foundation ... B. Rejecting the Borak Analysis VI. Will Borak Survive? Possible Distinctions ... A. Changed Circumstances ... B. Wilko's Inconsistency with McMahon ... C. The Supreme Court's Other Proxy Fraud Opinions VII. Conclusion VIII. Postscript