{"argument_date":"2007-10-29T00:00:00Z","arguments":[{"argument_date":"2007-10-29T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2007","official_transcript_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","paragraphs":["The broker's lawyer argued the law covers bad faith failure to enforce rules.","The exchange's lawyer argued the statute limits suits to contract purchases and sales.","Justice Kennedy posed a hypothetical about negligent enforcement of fraud rules.","Justice Souter asked if the Court needed to decide a specific issue that morning."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 25-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 20, lines 25-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 13-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 3, lines 13-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-11","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 3, lines 7-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 5-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 30, lines 5-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 19-21","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 4, lines 19-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 25-33","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 4, lines 25-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 3-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 58, lines 3-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 47-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 58, lines 47-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 23-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 6, lines 23-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 13-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 7, lines 13-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 43-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 7, lines 43-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 49-51","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 7, lines 49-51"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 17-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 8, lines 17-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 41-47","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 8, lines 41-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 5-9","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 8, lines 5-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 11-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 9, lines 11-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 39-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 9, lines 39-43"}]}],"caption":"Klein & Co. Futures v. Board of Trade of City of New York","case_history":[{"changed_at":"2026-08-29T20:06:27.604219Z","explanation":"An official oral-argument transcript was verified.","status":"argued"},{"changed_at":"2026-08-29T20:06:27.610480Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"A futures broker claims an exchange breached its duty by ignoring its own rules. The exchange argues the law does not allow such a lawsuit.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 25-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 20, lines 25-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 13-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 3, lines 13-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 5-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 30, lines 5-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 3-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 58, lines 3-45"}],"dispositions":[],"latest_court_document_date":"2007-10-29T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2007","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/06-1265.html","primary_docket":"06-1265","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-31T21:42:00.643313Z","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 a federal law. The law lets certain parties sue exchanges for bad faith. The core question is what counts as a covered transaction. The parties disagree on the definition of that term."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 25-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 20, lines 25-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 13-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 3, lines 13-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 5-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 30, lines 5-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 3-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 58, lines 3-45"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on October 29, 2007."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-11","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 3, lines 7-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 47-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 58, lines 47-49"}]},{"heading":"What each side wants","paragraphs":["The broker wants a ruling that allows it to sue the exchange for ignoring its rules.","The exchange wants a ruling that bars the broker from suing it under this specific law."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 25-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 20, lines 25-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 13-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 3, lines 13-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 5-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 30, lines 5-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 3-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 58, lines 3-45"}]},{"heading":"What each side says","paragraphs":["The broker argues the law covers the exchange's failure to enforce required rules.","The exchange argues the law only covers the purchase and sale of contracts, not rule enforcement."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 25-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 20, lines 25-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 13-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 3, lines 13-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 5-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 30, lines 5-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 3-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 58, lines 3-45"}]},{"heading":"What the justices asked","paragraphs":["Justice Ginsburg asked the broker to define the specific transactions relied upon.","Justice Roberts asked where the substantive limitation on the transaction comes from in the law."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-11","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 3, lines 7-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 19-21","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 4, lines 19-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 25-33","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 4, lines 25-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 47-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 58, lines 47-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 23-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 6, lines 23-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 13-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 7, lines 13-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 43-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 7, lines 43-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 49-51","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 7, lines 49-51"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 17-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 8, lines 17-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 41-47","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 8, lines 41-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 5-9","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 8, lines 5-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 11-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 9, lines 11-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 39-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 9, lines 39-43"}]},{"heading":"Why it matters","paragraphs":["This case defines who can sue financial exchanges. It clarifies the scope of federal oversight. It affects the accountability of market regulators. It shapes the rights of brokers in disputes."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 25-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 20, lines 25-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 13-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 3, lines 13-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 5-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 30, lines 5-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 3-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 58, lines 3-45"}]},{"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 7-11","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 3, lines 7-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 19-21","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 4, lines 19-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 25-33","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 4, lines 25-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 47-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 58, lines 47-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 23-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 6, lines 23-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 13-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 7, lines 13-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 43-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 7, lines 43-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 49-51","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 7, lines 49-51"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 17-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 8, lines 17-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 41-47","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 8, lines 41-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 5-9","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 8, lines 5-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 11-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 9, lines 11-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 39-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 9, lines 39-43"}]}],"slug":"2007-06-1265-klein-co-futures-v-board-of-trade-of-city-of-new-york","term":"2007","title":"Does a futures broker have the right to sue an exchange for failing to enforce its own rules?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 25-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 20, lines 25-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 13-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 3, lines 13-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 5-43","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 30, lines 5-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 3-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2007/06-1265.pdf","page_label":"file page 58, lines 3-45"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}