{"argument_date":"2013-10-07T00:00:00Z","arguments":[{"argument_date":"2013-10-07T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2013","official_transcript_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","paragraphs":["Paul Clement argues the fraud included material misrepresentations about covered securities transactions.","Clement warns against letting materiality or causation slip into the connection requirement.","Ms. Goldenberg agrees with a narrow formulation of the legal standard."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 37-45","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 10, lines 37-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 5-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 10, lines 5-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 51-11","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 10, lines 51-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 43-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 11, lines 43-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 13-19","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 12, lines 13-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 27-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 20, lines 27-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 35-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 30, lines 35-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 4, lines 19-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 45-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 4, lines 45-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 7-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 4, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 51-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 5, lines 51-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 54, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 54, lines 35-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 56, lines 39-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 56, lines 39-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 49-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 57, lines 49-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 47-3","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 6, lines 47-3"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 27-5","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 7, lines 27-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 15-19","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 8, lines 15-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 33-5","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 8, lines 33-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 37-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 9, lines 37-47"}]}],"caption":"Chadbourne & Parke LLP v. Troice","case_history":[{"changed_at":"2026-08-29T20:06:24.497680Z","explanation":"An official oral-argument transcript was verified.","status":"argued"},{"changed_at":"2026-08-29T20:06:24.516091Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"Investors sue lawyers for aiding a Ponzi scheme. The lawyers argue the fraud did not directly involve buying or selling securities.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 27-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 20, lines 27-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 35-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 30, lines 35-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 4, lines 19-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 54, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 54, lines 35-37"}],"dispositions":[],"latest_court_document_date":"2013-10-07T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2013","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/12-79.html","primary_docket":"12-79","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-30T21:44:46.571124Z","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 the scope of federal securities fraud laws. It asks whether a private plaintiff must prove a direct link between the fraud and a specific securities transaction."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 27-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 20, lines 27-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 35-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 30, lines 35-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 4, lines 19-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 54, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 54, lines 35-37"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on October 7, 2013."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 7-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 4, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 49-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 57, lines 49-1"}]},{"heading":"What each side wants","paragraphs":["The investors want the court to allow their fraud claims to proceed.","The lawyers want the court to dismiss the investors' fraud claims."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 27-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 20, lines 27-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 35-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 30, lines 35-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 4, lines 19-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 54, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 54, lines 35-37"}]},{"heading":"What each side says","paragraphs":["The investors argue the lawyers' fraud directly affected the market for covered securities.","The lawyers argue the fraud did not involve a direct transaction in covered securities."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 27-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 20, lines 27-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 35-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 30, lines 35-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 4, lines 19-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 54, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 54, lines 35-37"}]},{"heading":"What the justices asked","paragraphs":["Chief Justice Roberts asks if listing fake stocks on a loan application violates securities law.","Justice Kagan asks how a misrepresentation affects a potential purchaser or seller in the market."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 37-45","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 10, lines 37-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 5-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 10, lines 5-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 51-11","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 10, lines 51-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 43-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 11, lines 43-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 13-19","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 12, lines 13-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 45-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 4, lines 45-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 51-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 5, lines 51-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 56, lines 39-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 56, lines 39-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 49-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 57, lines 49-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 47-3","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 6, lines 47-3"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 27-5","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 7, lines 27-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 15-19","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 8, lines 15-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 33-5","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 8, lines 33-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 37-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 9, lines 37-47"}]},{"heading":"Why it matters","paragraphs":["This case defines the boundary of federal securities fraud liability. It determines whether private plaintiffs can sue for fraud without proving a direct securities transaction. The outcome shapes the scope of investor protections in financial markets."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 27-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 20, lines 27-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 35-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 30, lines 35-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 4, lines 19-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 54, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 54, lines 35-37"}]},{"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 37-45","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 10, lines 37-45"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 5-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 10, lines 5-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 51-11","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 10, lines 51-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 43-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 11, lines 43-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 13-19","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 12, lines 13-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 45-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 4, lines 45-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 7-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 4, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 51-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 5, lines 51-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 56, lines 39-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 56, lines 39-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 49-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 57, lines 49-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 47-3","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 6, lines 47-3"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 27-5","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 7, lines 27-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 15-19","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 8, lines 15-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 33-5","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 8, lines 33-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 37-47","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 9, lines 37-47"}]}],"slug":"2013-12-79-chadbourne-parke-llp-v-troice","term":"2013","title":"Does a private fraud suit require a direct link to a covered securities transaction?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 20, lines 27-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 20, lines 27-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 35-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 30, lines 35-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 19-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 4, lines 19-43"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 54, lines 35-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2013/12-79_i425.pdf","page_label":"file page 54, lines 35-37"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}