{"argument_date":"2010-12-07T00:00:00Z","arguments":[{"argument_date":"2010-12-07T00:00:00Z","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/2010/09-525.pdf","paragraphs":["Mr. Perry argued affirming the judgment would authorize class actions against service providers.","Mr. Perry claimed this would assault prior Court decisions.","Mr. Perry stated Section 20(b) allows the Commission to proceed indirectly.","Justice Kennedy asked if the manager's knowledge of falsehood is a given."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 29, lines 19-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 29, lines 19-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 3, lines 19-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 27-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 4, lines 27-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 3-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 4, lines 3-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 49, lines 43-45","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 49, lines 43-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 17-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 5, lines 17-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 35-7","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 5, lines 35-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 19-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 6, lines 19-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 37-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 6, lines 37-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 61, lines 31-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 61, lines 31-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 62, lines 51-11","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 62, lines 51-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 63, lines 39-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 63, lines 39-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 64, lines 27-31","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 64, lines 27-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 64, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 64, lines 35-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 65, lines 17-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 65, lines 17-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 29-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 7, lines 29-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 3-13","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 7, lines 3-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 51-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 7, lines 51-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 13-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 8, lines 13-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 21-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 8, lines 21-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 29-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 8, lines 29-41"}]}],"caption":"Janus Capital Group, Inc. v. First Derivative Traders","case_history":[{"changed_at":"2026-08-29T20:06:25.305521Z","explanation":"An official oral-argument transcript was verified.","status":"argued"},{"changed_at":"2026-08-29T20:06:25.325658Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"Investors sue a fund manager for false statements. The manager argues it only drafted the text.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 29, lines 19-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 29, lines 19-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 3, lines 19-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 49, lines 43-45","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 49, lines 43-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 61, lines 31-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 61, lines 31-49"}],"dispositions":[],"latest_court_document_date":"2010-12-07T00:00:00Z","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/09-525.html","primary_docket":"09-525","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-31T00:34:37.450617Z","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 who counts as the primary speaker in a fraud claim. The lower court found the manager liable. The manager seeks reversal."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 29, lines 19-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 29, lines 19-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 3, lines 19-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 49, lines 43-45","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 49, lines 43-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 61, lines 31-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 61, lines 31-49"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on December 7, 2010."],"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/2010/09-525.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 65, lines 17-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 65, lines 17-21"}]},{"heading":"What each side wants","paragraphs":["The manager wants the Court to reverse the lower court judgment.","The investors want the Court to affirm the lower court judgment."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 29, lines 19-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 29, lines 19-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 3, lines 19-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 49, lines 43-45","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 49, lines 43-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 61, lines 31-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 61, lines 31-49"}]},{"heading":"What each side says","paragraphs":["The manager argues it is not the primary speaker.","The investors argue the manager made the false statements."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 29, lines 19-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 29, lines 19-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 3, lines 19-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 49, lines 43-45","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 49, lines 43-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 61, lines 31-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 61, lines 31-49"}]},{"heading":"What the justices asked","paragraphs":["Justice Ginsburg asked if the manager is a primary actor.","Justice Sotomayor asked if puppets become a legal defense for manipulation."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 27-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 4, lines 27-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 3-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 4, lines 3-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 17-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 5, lines 17-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 35-7","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 5, lines 35-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 19-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 6, lines 19-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 37-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 6, lines 37-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 62, lines 51-11","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 62, lines 51-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 63, lines 39-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 63, lines 39-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 64, lines 27-31","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 64, lines 27-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 64, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 64, lines 35-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 65, lines 17-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 65, lines 17-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 29-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 7, lines 29-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 3-13","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 7, lines 3-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 51-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 7, lines 51-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 13-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 8, lines 13-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 21-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 8, lines 21-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 29-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 8, lines 29-41"}]},{"heading":"Why it matters","paragraphs":["This dispute defines liability for corporate service providers. It shapes the scope of private securities fraud suits. It affects how companies draft public disclosures."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 29, lines 19-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 29, lines 19-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 3, lines 19-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 49, lines 43-45","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 49, lines 43-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 61, lines 31-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 61, lines 31-49"}]},{"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/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 27-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 4, lines 27-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 3-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 4, lines 3-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 17-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 5, lines 17-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 35-7","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 5, lines 35-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 19-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 6, lines 19-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 37-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 6, lines 37-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 62, lines 51-11","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 62, lines 51-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 63, lines 39-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 63, lines 39-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 64, lines 27-31","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 64, lines 27-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 64, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 64, lines 35-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 65, lines 17-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 65, lines 17-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 29-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 7, lines 29-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 3-13","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 7, lines 3-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 51-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 7, lines 51-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 13-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 8, lines 13-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 21-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 8, lines 21-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 29-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 8, lines 29-41"}]}],"slug":"2010-09-525-janus-capital-group-inc-v-first-derivative-traders","term":"2010","title":"Who is the primary speaker in a securities fraud claim?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 29, lines 19-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 29, lines 19-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 3, lines 19-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 49, lines 43-45","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 49, lines 43-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 61, lines 31-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-525.pdf","page_label":"file page 61, lines 31-49"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}