{"argument_date":"2011-11-29T00:00:00Z","arguments":[{"argument_date":"2011-11-29T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2011","official_transcript_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","paragraphs":["Mr. Landau argued the statute looks like a standard limit.","Mr. Tilden argued Congress intended a strict deadline for violators.","Justice Kagan questioned why this case differs from prior rulings."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 20-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 10, lines 20-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 28-46","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 10, lines 28-46"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 8-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 10, lines 8-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 40-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 21, lines 40-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 3, lines 20-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 8-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 3, lines 8-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 32, lines 8-38","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 32, lines 8-38"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 24-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 4, lines 24-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 26-44","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 4, lines 26-44"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 20-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 5, lines 20-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 24-38","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 6, lines 24-38"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 20-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 7, lines 20-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 50-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 7, lines 50-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 48-10","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 8, lines 48-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 24-36","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 9, lines 24-36"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 40-44","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 9, lines 40-44"}]}],"caption":"Credit Suisse Securities (USA) LLC v. Simmonds","case_history":[{"changed_at":"2026-08-29T20:06:24.728093Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"Credit Suisse argues the two-year limit is a strict deadline. Simmonds argues it allows equitable tolling for late claims.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 40-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 21, lines 40-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 3, lines 20-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 32, lines 8-38","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 32, lines 8-38"}],"dispositions":[],"latest_court_document_date":"2011-11-29T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2011","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/10-1261.html","primary_docket":"10-1261","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-30T23:37:18.129396Z","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 concerns the timing of lawsuits for insider trading profits. Credit Suisse wants a strict two-year deadline. Simmonds wants courts to extend that deadline in specific cases."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 40-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 21, lines 40-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 3, lines 20-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 32, lines 8-38","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 32, lines 8-38"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on November 29, 2011."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 8-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 3, lines 8-18"}]},{"heading":"What each side wants","paragraphs":["Credit Suisse wants a strict two-year deadline for all claims.","Simmonds wants courts to extend deadlines for late claims."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 40-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 21, lines 40-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 3, lines 20-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 32, lines 8-38","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 32, lines 8-38"}]},{"heading":"What each side says","paragraphs":["Credit Suisse argues the statute creates a fixed deadline.","Simmonds argues the statute allows equitable tolling."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 40-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 21, lines 40-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 3, lines 20-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 32, lines 8-38","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 32, lines 8-38"}]},{"heading":"What the justices asked","paragraphs":["Justice Sotomayor asked about the nature of the injury.","Justice Ginsburg asked about prior statutory limits in other cases."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 20-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 10, lines 20-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 28-46","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 10, lines 28-46"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 8-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 10, lines 8-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 24-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 4, lines 24-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 26-44","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 4, lines 26-44"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 20-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 5, lines 20-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 24-38","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 6, lines 24-38"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 20-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 7, lines 20-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 50-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 7, lines 50-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 48-10","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 8, lines 48-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 24-36","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 9, lines 24-36"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 40-44","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 9, lines 40-44"}]},{"heading":"Why it matters","paragraphs":["This case defines when investors can sue for insider trading profits. It sets the deadline for recovering lost money. It impacts how companies manage shareholder claims."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 40-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 21, lines 40-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 3, lines 20-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 32, lines 8-38","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 32, lines 8-38"}]},{"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 10, lines 20-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 10, lines 20-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 28-46","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 10, lines 28-46"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 8-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 10, lines 8-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 8-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 3, lines 8-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 24-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 4, lines 24-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 26-44","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 4, lines 26-44"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 20-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 5, lines 20-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 24-38","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 6, lines 24-38"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 20-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 7, lines 20-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 50-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 7, lines 50-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 48-10","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 8, lines 48-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 24-36","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 9, lines 24-36"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 40-44","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 9, lines 40-44"}]}],"slug":"2011-10-1261-credit-suisse-securities-usa-llc-v-simmonds","term":"2011","title":"Does the two-year limit in Section 16(b) bar late insider trading claims?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 40-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 21, lines 40-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 3, lines 20-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 32, lines 8-38","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2011/10-1261.pdf","page_label":"file page 32, lines 8-38"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}