{"argument_date":"2009-11-30T00:00:00Z","arguments":[{"argument_date":"2009-11-30T00:00:00Z","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/2009/08-905.pdf","paragraphs":["Mr. Stewart argued the statute uses the word discovery without specifying actual or constructive knowledge.","Mr. Frederick argued Congress intended the word discovery to have its normal and well-established meaning.","Mr. Shanmugam argued the statute incorporates the equitable principle that the period begins upon discovery of facts.","Justice Roberts asked what phrase describes when inquiry notice culminates in finding out about scienter."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 28, lines 5-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 28, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-19","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 19-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 21-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 21-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 47-7","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 47-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 15-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 4, lines 15-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 44, lines 25-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 44, lines 25-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 21-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 5, lines 21-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 49-5","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 5, lines 49-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 9-11","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 5, lines 9-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 15-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 57, lines 15-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 27-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 57, lines 27-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 11-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 6, lines 11-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 31-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 6, lines 31-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 25-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 7, lines 25-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 31-1","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 7, lines 31-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 39-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 8, lines 39-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 51-3","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 8, lines 51-3"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 31-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 9, lines 31-35"}]}],"caption":"Merck & Co. v. Reynolds","case_history":[{"changed_at":"2026-08-29T20:06:25.886746Z","explanation":"An official oral-argument transcript was verified.","status":"argued"},{"changed_at":"2026-08-29T20:06:25.908873Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"the sides that brought the case argue the clock starts when a plaintiff actually learns of the fraud. the opposing sides argue it starts when a plaintiff should have learned.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 28, lines 5-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 28, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-19","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 19-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 21-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 21-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 44, lines 25-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 44, lines 25-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 15-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 57, lines 15-25"}],"dispositions":[],"latest_court_document_date":"2009-11-30T00:00:00Z","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/08-905.html","primary_docket":"08-905","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-31T01:52:39.809653Z","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 meaning of the word discovery in a federal statute. The term controls when a two-year deadline begins for private securities fraud suits. The parties disagree on whether the term means actual knowledge or constructive knowledge."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 28, lines 5-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 28, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-19","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 19-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 21-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 21-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 44, lines 25-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 44, lines 25-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 15-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 57, lines 15-25"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on November 30, 2009."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 27-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 57, lines 27-29"}]},{"heading":"What each side wants","paragraphs":["the sides that brought the case want the deadline to start only when a plaintiff actually learns of the fraud.","the opposing sides want the deadline to start when a plaintiff should have learned of the fraud."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 28, lines 5-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 28, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-19","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 19-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 21-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 21-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 44, lines 25-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 44, lines 25-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 15-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 57, lines 15-25"}]},{"heading":"What each side says","paragraphs":["the sides that brought the case argue the word discovery carries its normal meaning of actual knowledge.","the opposing sides argue the word discovery includes constructive knowledge based on inquiry notice."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 28, lines 5-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 28, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-19","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 19-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 21-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 21-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 44, lines 25-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 44, lines 25-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 15-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 57, lines 15-25"}]},{"heading":"What the justices asked","paragraphs":["Justice Sotomayor asked if the Court should presume Congress likes unnecessary words.","Justice Ginsburg asked how the proposed rule functions in practice."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 47-7","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 47-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 15-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 4, lines 15-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 21-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 5, lines 21-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 49-5","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 5, lines 49-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 9-11","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 5, lines 9-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 27-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 57, lines 27-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 11-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 6, lines 11-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 31-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 6, lines 31-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 25-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 7, lines 25-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 31-1","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 7, lines 31-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 39-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 8, lines 39-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 51-3","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 8, lines 51-3"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 31-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 9, lines 31-35"}]},{"heading":"Why it matters","paragraphs":["The outcome defines the start date for a two-year deadline. This deadline controls whether a plaintiff can sue for securities fraud. The rule affects how long investors have to file claims."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 28, lines 5-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 28, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-19","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 19-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 21-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 21-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 44, lines 25-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 44, lines 25-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 15-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 57, lines 15-25"}]},{"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 47-7","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 47-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 15-17","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 4, lines 15-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 21-27","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 5, lines 21-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 49-5","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 5, lines 49-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 9-11","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 5, lines 9-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 27-29","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 57, lines 27-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 11-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 6, lines 11-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 31-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 6, lines 31-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 25-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 7, lines 25-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 31-1","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 7, lines 31-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 39-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 8, lines 39-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 51-3","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 8, lines 51-3"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 31-35","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 9, lines 31-35"}]}],"slug":"2009-08-905-merck-co-v-reynolds","term":"2009","title":"When does the two-year clock start for securities fraud claims?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 28, lines 5-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 28, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-19","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 19-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 21-45","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 3, lines 21-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 44, lines 25-15","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 44, lines 25-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 15-25","official_url":"https://www.supremecourt.gov/pdfs/transcripts/2009/08-905.pdf","page_label":"file page 57, lines 15-25"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}