{"argument_date":"2012-11-05T00:00:00Z","arguments":[{"argument_date":"2012-11-05T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2012","official_transcript_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","paragraphs":["Waxman stated that the core of a 10b-5 claim is individual reliance.","Sherry argued that Rule 23 focuses on whether common issues predominate.","Frederick contended that certification determines if the case generates common answers."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 27-27","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 27-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 29-35","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 29-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.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/2012/11-1085.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 38, lines 45-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 38, lines 45-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 15-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 4, lines 15-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 3-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 4, lines 3-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 39-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 4, lines 39-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 19-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 5, lines 19-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 9-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 5, lines 9-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 21-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 6, lines 21-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 41-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 6, lines 41-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 13-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 7, lines 13-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 23-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 8, lines 23-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 15-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 9, lines 15-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 9, lines 35-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 41-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 9, lines 41-43"}]}],"caption":"Amgen Inc. v. Connecticut Retirement Plans and Trust Funds","case_history":[{"changed_at":"2026-08-29T20:06:35.021055Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"Amgen argues that materiality is an individual issue. Plaintiffs claim it is a common question for the whole class.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 27-27","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 27-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 29-35","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 29-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 3, lines 19-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 38, lines 45-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 38, lines 45-17"}],"dispositions":[],"latest_court_document_date":"2012-11-05T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2012","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/11-1085.html","primary_docket":"11-1085","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-30T22:42:20.509425Z","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 whether a judge can resolve materiality at the class certification stage. This step happens before a full trial on the merits."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 27-27","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 27-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 29-35","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 29-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 3, lines 19-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 38, lines 45-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 38, lines 45-17"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on November 5, 2012."],"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/2012/11-1085.pdf","page_label":"file page 3, lines 7-17"}]},{"heading":"What each side wants","paragraphs":["Amgen wants the Court to bar judges from deciding materiality at certification.","Plaintiffs want the Court to allow judges to decide materiality at certification."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 27-27","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 27-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 29-35","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 29-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 3, lines 19-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 38, lines 45-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 38, lines 45-17"}]},{"heading":"What each side says","paragraphs":["Amgen argues that materiality depends on each investor's unique reliance.","Plaintiffs argue that materiality is a common question for all class members."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 27-27","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 27-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 29-35","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 29-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 3, lines 19-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 38, lines 45-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 38, lines 45-17"}]},{"heading":"What the justices asked","paragraphs":["Justice Kagan asked if a judge can dismiss a suit for immateriality at certification.","Justice Kagan asked if a judge can keep an individual case after ruling a statement immaterial."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 15-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 4, lines 15-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 3-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 4, lines 3-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 39-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 4, lines 39-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 19-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 5, lines 19-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 9-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 5, lines 9-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 21-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 6, lines 21-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 41-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 6, lines 41-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 13-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 7, lines 13-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 23-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 8, lines 23-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 15-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 9, lines 15-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 9, lines 35-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 41-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 9, lines 41-43"}]},{"heading":"Why it matters","paragraphs":["This dispute shapes how securities fraud cases proceed. It determines whether individual investors must prove reliance separately. It affects the cost and speed of class action litigation."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 27-27","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 27-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 29-35","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 29-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 3, lines 19-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 38, lines 45-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 38, lines 45-17"}]},{"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/2012/11-1085.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/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 4, lines 15-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 3-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 4, lines 3-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 39-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 4, lines 39-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 19-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 5, lines 19-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 9-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 5, lines 9-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 21-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 6, lines 21-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 41-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 6, lines 41-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 13-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 7, lines 13-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 23-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 8, lines 23-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 15-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 9, lines 15-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 9, lines 35-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 41-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 9, lines 41-43"}]}],"slug":"2012-11-1085-amgen-inc-v-connecticut-retirement-plans-and-trust-funds","term":"2012","title":"Can a judge decide materiality before certifying a securities class action?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 27-27","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 27-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 23, lines 29-35","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 23, lines 29-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 3, lines 19-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 38, lines 45-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1085.pdf","page_label":"file page 38, lines 45-17"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}