{"argument_date":"2006-01-18T00:00:00Z","arguments":[{"argument_date":"2006-01-18T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2005","official_transcript_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","paragraphs":["Merrill Lynch argues the statute uses one consistent definition for all parties.","Dabit argues the definition changes based on who brings the lawsuit.","Justice Roberts noted that preemption might require a narrower reading than enforcement.","Justice Scalia asked about the SEC's enforcement authority in this specific area."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 23-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 10, lines 23-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 21-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 11, lines 21-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 7-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 12, lines 7-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 13, lines 11-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 13, lines 11-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 16, lines 49-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 16, lines 49-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-31","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 25, lines 9-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 17-39","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 3, lines 17-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 5-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 3, lines 5-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 41-1","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 5, lines 41-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 17-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 6, lines 17-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 35-39","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 6, lines 35-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 43-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 6, lines 43-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 9-13","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 6, lines 9-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 1-5","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 7, lines 1-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 21-23","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 7, lines 21-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 47-13","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 8, lines 47-13"}]}],"caption":"Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit","case_history":[{"changed_at":"2026-08-29T20:06:28.941208Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"Investors and a brokerage firm dispute whether federal law preempts state class action claims.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 16, lines 49-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 16, lines 49-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-31","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 25, lines 9-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 17-39","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 3, lines 17-39"}],"dispositions":[],"latest_court_document_date":"2006-01-18T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2005","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/04-1371.html","primary_docket":"04-1371","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-31T13:53:54.963299Z","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":["This case tests the scope of the Securities Litigation Uniform Standards Act. The statute preempts certain state securities class actions. The parties disagree on how broadly to read the phrase in connection with. This phrase appears in federal securities laws. The interpretation determines which court hears these cases."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 16, lines 49-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 16, lines 49-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-31","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 25, lines 9-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 17-39","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 3, lines 17-39"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on January 18, 2006."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 5-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 3, lines 5-15"}]},{"heading":"What each side wants","paragraphs":["Merrill Lynch wants the Supreme Court to affirm the removal to federal court.","Dabit wants the Supreme Court to reverse the removal and keep the case in state court."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 16, lines 49-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 16, lines 49-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-31","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 25, lines 9-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 17-39","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 3, lines 17-39"}]},{"heading":"What each side says","paragraphs":["Merrill Lynch argues the phrase in connection with has one broad meaning for all plaintiffs.","Dabit argues the phrase has a narrower meaning for private investors than for regulators."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 16, lines 49-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 16, lines 49-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-31","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 25, lines 9-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 17-39","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 3, lines 17-39"}]},{"heading":"What the justices asked","paragraphs":["Justice Ginsburg asked if a rule of lenity applies to civil liability.","Justice Stevens asked if the word the functions like his or her in the statute."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 23-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 10, lines 23-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 21-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 11, lines 21-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 7-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 12, lines 7-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 13, lines 11-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 13, lines 11-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 41-1","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 5, lines 41-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 17-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 6, lines 17-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 35-39","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 6, lines 35-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 43-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 6, lines 43-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 9-13","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 6, lines 9-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 1-5","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 7, lines 1-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 21-23","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 7, lines 21-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 47-13","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 8, lines 47-13"}]},{"heading":"Why it matters","paragraphs":["This dispute determines whether investors can sue in state court. It affects the balance of power between state and federal courts. It shapes the future of securities class actions nationwide."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 16, lines 49-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 16, lines 49-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-31","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 25, lines 9-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 17-39","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 3, lines 17-39"}]},{"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 10, lines 23-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 10, lines 23-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 21-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 11, lines 21-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 7-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 12, lines 7-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 13, lines 11-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 13, lines 11-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 5-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 3, lines 5-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 41-1","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 5, lines 41-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 17-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 6, lines 17-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 35-39","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 6, lines 35-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 43-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 6, lines 43-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 9-13","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 6, lines 9-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 1-5","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 7, lines 1-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 21-23","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 7, lines 21-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 47-13","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 8, lines 47-13"}]}],"slug":"2005-04-1371-merrill-lynch-pierce-fenner-smith-inc-v-dabit","term":"2005","title":"Does federal law block state securities class actions?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 16, lines 49-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 16, lines 49-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-31","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 25, lines 9-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 17-39","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2005/04-1371.pdf","page_label":"file page 3, lines 17-39"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}