{"argument_date":"2007-03-27T00:00:00Z","arguments":[{"argument_date":"2007-03-27T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2006","official_transcript_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","paragraphs":["Mr. Shapiro argued that prior decisions require implied antitrust immunity.","Mr. Lovell argued that implied immunity is not favored by the Court.","General Clement argued that the government must reconcile both legal regimes."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 18, lines 7-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 18, lines 7-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 27, lines 31-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 27, lines 31-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-23","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 3, lines 19-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 25-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 4, lines 25-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 45-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 4, lines 45-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 23-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 5, lines 23-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 51-5","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 5, lines 51-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 7-9","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 5, lines 7-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 56, lines 25-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 56, lines 25-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 59, lines 3-5","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 59, lines 3-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 35-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 6, lines 35-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 11-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 7, lines 11-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 25-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 7, lines 25-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 35-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 7, lines 35-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 51-3","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 7, lines 51-3"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 39-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 8, lines 39-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 7-9","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 8, lines 7-9"}]}],"caption":"Credit Suisse Securities (USA) LLC v. Billing","case_history":[{"changed_at":"2026-08-29T20:06:36.251757Z","explanation":"An official oral-argument transcript was verified.","status":"argued"},{"changed_at":"2026-08-29T20:06:36.254846Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"Investors sue brokers over fee structures. Brokers claim federal regulation blocks these claims.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 18, lines 7-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 18, lines 7-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 27, lines 31-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 27, lines 31-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-23","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 3, lines 19-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 56, lines 25-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 56, lines 25-45"}],"dispositions":[],"latest_court_document_date":"2007-03-27T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2006","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/05-1157.html","primary_docket":"05-1157","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-31T12:33:57.884486Z","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 if federal securities rules block private antitrust lawsuits against broker fees."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 18, lines 7-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 18, lines 7-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 27, lines 31-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 27, lines 31-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-23","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 3, lines 19-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 56, lines 25-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 56, lines 25-45"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on March 27, 2007."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 59, lines 3-5","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 59, lines 3-5"}]},{"heading":"What each side wants","paragraphs":["the sides that brought the case want the Court to affirm implied antitrust immunity.","the opposing sides want the Court to reject implied antitrust immunity."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 18, lines 7-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 18, lines 7-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 27, lines 31-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 27, lines 31-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-23","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 3, lines 19-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 56, lines 25-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 56, lines 25-45"}]},{"heading":"What each side says","paragraphs":["the sides that brought the case argue prior decisions require immunity for regulated fees.","the opposing sides argue immunity requires a clear conflict with federal law."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 18, lines 7-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 18, lines 7-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 27, lines 31-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 27, lines 31-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-23","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 3, lines 19-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 56, lines 25-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 56, lines 25-45"}]},{"heading":"What the justices asked","paragraphs":["Justice Stevens asked if laddering fits the legal theory.","Justice Scalia asked if the statute specifically states the principle."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 25-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 4, lines 25-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 45-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 4, lines 45-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 23-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 5, lines 23-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 51-5","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 5, lines 51-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 7-9","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 5, lines 7-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 59, lines 3-5","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 59, lines 3-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 35-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 6, lines 35-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 11-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 7, lines 11-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 25-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 7, lines 25-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 35-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 7, lines 35-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 51-3","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 7, lines 51-3"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 39-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 8, lines 39-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 7-9","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 8, lines 7-9"}]},{"heading":"Why it matters","paragraphs":["This dispute defines the boundary between securities regulation and antitrust enforcement. It determines whether private investors can challenge broker fee structures in court. The outcome shapes the scope of federal regulatory authority over financial markets."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 18, lines 7-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 18, lines 7-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 27, lines 31-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 27, lines 31-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-23","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 3, lines 19-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 56, lines 25-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 56, lines 25-45"}]},{"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 7-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 25-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 4, lines 25-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 45-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 4, lines 45-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 23-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 5, lines 23-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 51-5","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 5, lines 51-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 7-9","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 5, lines 7-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 59, lines 3-5","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 59, lines 3-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 35-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 6, lines 35-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 11-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 7, lines 11-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 25-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 7, lines 25-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 35-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 7, lines 35-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 51-3","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 7, lines 51-3"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 39-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 8, lines 39-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 7-9","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 8, lines 7-9"}]}],"slug":"2006-05-1157-credit-suisse-securities-usa-llc-v-billing","term":"2006","title":"Does securities regulation shield broker fees from antitrust suits?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 18, lines 7-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 18, lines 7-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 27, lines 31-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 27, lines 31-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-23","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 3, lines 19-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 56, lines 25-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2006/05-1157.pdf","page_label":"file page 56, lines 25-45"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}