{"argument_date":"2002-03-18T00:00:00Z","arguments":[{"argument_date":"2002-03-18T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2001","official_transcript_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","paragraphs":["The SEC argues brokers are the critical link between markets and investors.","The broker argues other laws cover this conduct.","Courts of appeal unanimously concluded churning is a violation.","The broker claims state and federal laws address this behavior."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 17, lines 28-26","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 17, lines 28-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 11-4","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 3, lines 11-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 4-10","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 3, lines 4-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 50, lines 35-14","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 50, lines 35-14"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 52, lines 20-22","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 52, lines 20-22"}]}],"caption":"SEC v. Zandford","case_history":[{"changed_at":"2026-08-29T20:06:32.209575Z","explanation":"An official oral-argument transcript was verified.","status":"argued"},{"changed_at":"2026-08-29T20:06:32.230129Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"The SEC seeks to hold a broker liable for excessive trading. The broker argues other laws cover this conduct.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 17, lines 28-26","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 17, lines 28-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 11-4","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 3, lines 11-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 50, lines 35-14","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 50, lines 35-14"}],"dispositions":[],"latest_court_document_date":"2002-03-18T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2001","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/01-147.html","primary_docket":"01-147","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-31T17:05:59.785394Z","maturity":"official_transcript","revision_number":1},{"correction_note":"Migrated to the dated official Court activity contract without model use.","created_at":"2026-09-05T03:22:24Z","maturity":"official_transcript","revision_number":2}],"schema_version":"1.1","sections":[{"heading":"What this case is about","paragraphs":["The SEC argues brokers are the critical link between markets and investors. It claims churning violates federal law. The broker argues other laws cover this conduct. Courts of appeal unanimously view churning as a violation. The dispute centers on federal liability for excessive trading."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 17, lines 28-26","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 17, lines 28-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 11-4","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 3, lines 11-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 50, lines 35-14","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 50, lines 35-14"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on March 18, 2002."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 4-10","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 3, lines 4-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 52, lines 20-22","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 52, lines 20-22"}]},{"heading":"What each side wants","paragraphs":["The SEC wants a federal law violation finding.","The broker wants dismissal of the federal claim."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 17, lines 28-26","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 17, lines 28-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 11-4","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 3, lines 11-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 50, lines 35-14","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 50, lines 35-14"}]},{"heading":"What each side says","paragraphs":["The SEC argues brokers must protect investors from churning.","The broker argues state and self-regulatory laws suffice."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 17, lines 28-26","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 17, lines 28-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 11-4","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 3, lines 11-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 50, lines 35-14","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 50, lines 35-14"}]},{"heading":"What the justices asked","paragraphs":["Does federal law prohibit churning by stockbrokers?","Do other laws adequately cover this conduct?"],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 52, lines 20-22","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 52, lines 20-22"}]},{"heading":"Why it matters","paragraphs":["Investors rely on brokers to act in their best interest. Excessive trading harms individual investors. Clear federal rules protect market integrity. Broker accountability ensures fair market participation. This case defines broker duties to investors."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 17, lines 28-26","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 17, lines 28-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 11-4","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 3, lines 11-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 50, lines 35-14","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 50, lines 35-14"}]},{"heading":"What happens next","paragraphs":["This article currently covers the argument record. Use the official docket link for later case activity."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 4-10","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 3, lines 4-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 52, lines 20-22","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 52, lines 20-22"}]}],"slug":"2001-01-147-sec-v-zandford","term":"2001","title":"Does a broker's churning violate federal securities law?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 17, lines 28-26","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 17, lines 28-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 11-4","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 3, lines 11-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 50, lines 35-14","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2001/01-147.pdf","page_label":"file page 50, lines 35-14"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}