{"argument_date":"2010-03-29T00:00:00Z","arguments":[{"argument_date":"2010-03-29T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2009","official_transcript_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","paragraphs":["Mr. Dubbs argued the fraud violated Section 10b.","He claimed significant conduct occurred in the United States.","Mr. Conway argued the lower court judgment should stand.","He cited the presumption against extraterritorial application."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 26, lines 11-33","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 26, lines 11-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-47","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 3, lines 19-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 49-7","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 3, lines 49-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 23-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 4, lines 23-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 33-41","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 4, lines 33-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 43, lines 19-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 43, lines 19-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 37-41","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 5, lines 37-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 17-19","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 6, lines 17-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 29-33","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 6, lines 29-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 47-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 6, lines 47-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 13-21","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 7, lines 13-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 25-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 7, lines 25-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 3-9","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 7, lines 3-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 39-13","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 7, lines 39-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 17-19","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 8, lines 17-19"}]}],"caption":"Morrison v. National Australia Bank Ltd.","case_history":[{"changed_at":"2026-08-29T20:06:25.600157Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"Investors sue a bank over foreign stock fraud. The bank claims U.S. courts lack power.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 26, lines 11-33","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 26, lines 11-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-47","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 3, lines 19-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 43, lines 19-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 43, lines 19-35"}],"dispositions":[],"latest_court_document_date":"2010-03-29T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2009","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/08-1191.html","primary_docket":"08-1191","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-31T01:17:52.566927Z","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 case tests the reach of U.S. anti-fraud laws. It asks if these laws apply to foreign transactions."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 26, lines 11-33","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 26, lines 11-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-47","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 3, lines 19-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 43, lines 19-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 43, lines 19-35"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on March 29, 2010."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 3, lines 7-17"}]},{"heading":"What each side wants","paragraphs":["Investors want a U.S. court to hear their fraud claim.","The bank wants the court to dismiss the case."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 26, lines 11-33","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 26, lines 11-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-47","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 3, lines 19-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 43, lines 19-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 43, lines 19-35"}]},{"heading":"What each side says","paragraphs":["Investors argue significant fraud conduct occurred in the United States.","The bank argues U.S. law does not reach foreign markets."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 26, lines 11-33","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 26, lines 11-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-47","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 3, lines 19-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 43, lines 19-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 43, lines 19-35"}]},{"heading":"What the justices asked","paragraphs":["Justice Scalia asked if the government's support changes the legal view.","Justice Ginsburg asked if the case is purely about Australian law."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 49-7","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 3, lines 49-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 23-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 4, lines 23-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 33-41","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 4, lines 33-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 37-41","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 5, lines 37-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 17-19","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 6, lines 17-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 29-33","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 6, lines 29-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 47-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 6, lines 47-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 13-21","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 7, lines 13-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 25-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 7, lines 25-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 3-9","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 7, lines 3-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 39-13","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 7, lines 39-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 17-19","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 8, lines 17-19"}]},{"heading":"Why it matters","paragraphs":["This case defines the geographic limit of U.S. securities laws. It determines if foreign investors can sue in U.S. courts. It shapes global financial regulation and investor protection standards."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 26, lines 11-33","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 26, lines 11-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-47","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 3, lines 19-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 43, lines 19-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 43, lines 19-35"}]},{"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 49-7","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 3, lines 49-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 23-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 4, lines 23-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 33-41","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 4, lines 33-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 37-41","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 5, lines 37-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 17-19","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 6, lines 17-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 29-33","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 6, lines 29-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 47-49","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 6, lines 47-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 13-21","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 7, lines 13-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 25-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 7, lines 25-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 3-9","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 7, lines 3-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 39-13","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 7, lines 39-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 17-19","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 8, lines 17-19"}]}],"slug":"2009-08-1191-morrison-v-national-australia-bank-ltd","term":"2009","title":"Does U.S. securities law cover foreign stock fraud?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 26, lines 11-33","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 26, lines 11-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-47","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 3, lines 19-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 43, lines 19-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-1191.pdf","page_label":"file page 43, lines 19-35"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}