Louis Loss was an American lawyer, educator and author. He held the position of a professor of law at Harvard University.
Background
Louis Loss was born on June 14, 1914, in Lancaster, Pennsylvania, United States. The son of emigres from Russia, he decided by the time he was a teenager that he wanted to be a lawyer and spent hours at the county courthouse watching lawyers in action.
Education
Loss was graduated from the University of Pennsylvania with a bachelor's degree in 1934 and then received his Bachelor of Laws degree from Yale Law School in 1937. He was also granted an honorary master's degree from Harvard University in 1953.
Loss was admitted to the bar of the District of Columbia in 1937 and began work at the U.S. Securities and Exchange Commission (SEC) that same year. He started out with the SEC as an attorney and rose to the rank of associate general counsel. Loss also taught at various universities, including Catholic University of America, Yale, and George Washington University.
Loss began a lengthy association with Harvard University in 1952, first as a professor of law, then as the William Nelson Cromwell Professor of Law as of 1962. He became professor emeritus in 1984. While at Harvard, he declined President John F. Kennedy’s offer to return to the SEC as chairman.
Loss also taught at universities in London, England; Tasmania, Australia; Toronto, Ontario, Canada; and Lagos, Nigeria. In 1985 he served as scholar-in-residence at the University of Georgia.
During Loss’s career, various U.S. courts, including the U.S. Supreme Court, cited his work in its decisions more than one thousand times.
An authority on stocks and bonds, Loss made such contributions to the field that he was considered the “father of securities law.” Among his contributions are various treatises and books. He is particularly known for his treatise Securities Regulation, which is still considered to be the definitive authority on the subject and which has been cited over 50 times by the Supreme Court of the United States.
Loss’s other books include Blue Sky Law, American Law Institute Federal Securities Code, and the autobiography Anecdotes of a Securities Lawyer. He also edited Multinational Approaches: Corporate Insiders, and was senior co-editor of Japanese Securities Regulation.
According to the New York Times, “The Oxford English Dictionary credits him with having coined the word ‘tippee,’ to refer to someone who trades stock after getting a tip from a corporate insider.”