{"argument_date":"2011-04-25T00:00:00Z","arguments":[{"argument_date":"2011-04-25T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2010","official_transcript_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","paragraphs":["Mr. Boies argued the district court found Rule 23(a) requirements met. He stated the plaintiff fulfilled all certification requirements.","Mr. Sterling argued individual reliance issues predominate. He cited Basic to support this view.","Justice Ginsburg asked how the class would prove loss causation. She noted this issue usually arises at trial."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 15, lines 3-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 15, lines 3-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 25, lines 9-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 19-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 45-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 45-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 51-5","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 51-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 11-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 4, lines 11-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 37-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 4, lines 37-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 49-7","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 4, lines 49-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 27-31","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 5, lines 27-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 35-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 5, lines 35-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 15-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 6, lines 15-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 21-29","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 6, lines 21-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 3-7","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 6, lines 3-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 6, lines 35-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 7-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 7, lines 7-23"}]}],"caption":"Erica P. John Fund, Inc. v. Halliburton Co.","case_history":[{"changed_at":"2026-08-29T20:06:35.745762Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"Investors seek class status. The company argues individual reliance issues block certification.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 15, lines 3-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 15, lines 3-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 25, lines 9-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 19-43"}],"dispositions":[],"latest_court_document_date":"2011-04-25T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2010","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/09-1403.html","primary_docket":"09-1403","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-30T23:55:14.310623Z","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 when courts must resolve reliance and price impact. the side that brought the case wants class certification. the opposing side wants to defeat it early."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 15, lines 3-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 15, lines 3-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 25, lines 9-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 19-43"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on April 25, 2011."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 7-17"}]},{"heading":"What each side wants","paragraphs":["the side that brought the case wants the court to certify the class. It argues reliance is presumed for all members.","the opposing side wants the court to deny certification. It argues individual reliance issues predominate."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 15, lines 3-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 15, lines 3-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 25, lines 9-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 19-43"}]},{"heading":"What each side says","paragraphs":["the side that brought the case argues the Basic presumption applies at certification. It claims loss causation belongs at trial.","the opposing side argues individual reliance issues predominate. It claims price impact must be resolved first."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 15, lines 3-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 15, lines 3-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 25, lines 9-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 19-43"}]},{"heading":"What the justices asked","paragraphs":["Justice Alito asked if the Basic presumption can be rebutted at certification.","Justice Kagan asked if materiality can be rebutted at certification. She also asked why price impact differs from other disputes."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 45-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 45-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 51-5","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 51-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 11-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 4, lines 11-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 37-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 4, lines 37-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 49-7","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 4, lines 49-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 27-31","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 5, lines 27-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 35-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 5, lines 35-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 15-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 6, lines 15-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 21-29","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 6, lines 21-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 3-7","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 6, lines 3-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 6, lines 35-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 7-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 7, lines 7-23"}]},{"heading":"Why it matters","paragraphs":["This dispute defines the scope of securities class actions. It determines whether courts resolve reliance issues early. It affects the cost and speed of investor litigation."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 15, lines 3-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 15, lines 3-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 25, lines 9-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 19-43"}]},{"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 45-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 45-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 51-5","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 51-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 11-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 4, lines 11-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 37-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 4, lines 37-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 49-7","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 4, lines 49-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 27-31","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 5, lines 27-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 35-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 5, lines 35-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 15-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 6, lines 15-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 21-29","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 6, lines 21-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 3-7","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 6, lines 3-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 6, lines 35-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 7-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 7, lines 7-23"}]}],"slug":"2010-09-1403-erica-p-john-fund-inc-v-halliburton-co","term":"2010","title":"Can defendants prove no price impact before class certification?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 15, lines 3-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 15, lines 3-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 25, lines 9-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 25, lines 9-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1403.pdf","page_label":"file page 3, lines 19-43"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}