{"argument_date":"2013-01-08T00:00:00Z","arguments":[{"argument_date":"2013-01-08T00:00:00Z","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/2012/11-1274_k536.pdf","paragraphs":["Mr. Liman argued the statute sets a five-year limit.","He stated Congress provided a clear time limitation.","Mr. Wall focused on the term accrual in the statute.","He argued the statute uses specific legal language."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 17-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 10, lines 17-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 39-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 10, lines 39-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 23-29","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 11, lines 23-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 33-45","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 11, lines 33-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 13-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 12, lines 13-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 19-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 19-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 35-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 35-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 3, lines 19-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 11-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 4, lines 11-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 19-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 5, lines 19-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 3-13","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 5, lines 3-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 9-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 6, lines 9-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 3-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 7, lines 3-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 11-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 8, lines 11-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 31-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 9, lines 31-37"}]}],"caption":"Gabelli v. SEC","case_history":[{"changed_at":"2026-08-29T20:06:34.696254Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"The SEC seeks to sue for fraud years after the act. the sides that brought the case argue the clock starts at the act.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 19-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 19-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 35-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 35-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 3, lines 19-9"}],"dispositions":[],"latest_court_document_date":"2013-01-08T00:00:00Z","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/11-1274.html","primary_docket":"11-1274","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-30T22:27:26.507490Z","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 dispute centers on the Securities Exchange Act. The SEC wants to sue for fraud penalties. the sides that brought the case argue the five-year limit applies. The core issue is when the clock starts."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 19-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 19-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 35-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 35-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 3, lines 19-9"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on January 8, 2013."],"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/2012/11-1274_k536.pdf","page_label":"file page 3, lines 7-17"}]},{"heading":"What each side wants","paragraphs":["The SEC wants to sue for fraud penalties after five years.","the sides that brought the case want the five-year limit to bar the SEC's claims."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 19-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 19-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 35-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 35-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 3, lines 19-9"}]},{"heading":"What each side says","paragraphs":["The SEC argues the clock starts when the fraud is discovered.","the sides that brought the case argue the clock starts when the fraud occurs."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 19-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 19-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 35-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 35-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 3, lines 19-9"}]},{"heading":"What the justices asked","paragraphs":["Justice Scalia asked if the clock starts when the plaintiff discovers the fraud.","Justice Sotomayor asked how the theory handles fraudulent concealment tolling."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 17-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 10, lines 17-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 39-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 10, lines 39-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 23-29","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 11, lines 23-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 33-45","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 11, lines 33-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 13-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 12, lines 13-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 11-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 4, lines 11-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 19-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 5, lines 19-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 3-13","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 5, lines 3-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 9-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 6, lines 9-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 3-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 7, lines 3-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 11-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 8, lines 11-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 31-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 9, lines 31-37"}]},{"heading":"Why it matters","paragraphs":["This case defines the SEC's power to punish fraud. It sets the deadline for government penalty claims. It affects how long the government can act."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 19-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 19-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 35-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 35-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 3, lines 19-9"}]},{"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 17-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 10, lines 17-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 39-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 10, lines 39-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 23-29","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 11, lines 23-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 33-45","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 11, lines 33-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 13-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 12, lines 13-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 11-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 4, lines 11-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 19-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 5, lines 19-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 3-13","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 5, lines 3-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 9-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 6, lines 9-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 3-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 7, lines 3-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 11-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 8, lines 11-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 31-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 9, lines 31-37"}]}],"slug":"2012-11-1274-gabelli-v-sec","term":"2012","title":"When does the five-year clock start for SEC fraud penalties?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 19-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 19-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 21, lines 35-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 21, lines 35-47"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2012/11-1274_k536.pdf","page_label":"file page 3, lines 19-9"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}