{"argument_date":"2015-12-01T00:00:00Z","arguments":[{"argument_date":"2015-12-01T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2015","official_transcript_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","paragraphs":["Merrill Lynch contends the statutory language creates a straightforward test for federal jurisdiction.","Manning argues that state law claims do not seek redress under federal law.","Justice Sotomayor questioned how state law causes of action seek federal redress.","Justice Roberts asked if the plaintiffs are merely alleging fraud under state law."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 22-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 10, lines 22-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 3, lines 20-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 8-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 3, lines 8-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 38-10","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 30, lines 38-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 30-4","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 4, lines 30-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 24-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 5, lines 24-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 48-4","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 5, lines 48-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 50-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 55, lines 50-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 22-4","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 57, lines 22-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 59, lines 6-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 59, lines 6-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 14-14","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 6, lines 14-14"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 16-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 6, lines 16-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 60, lines 44-46","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 60, lines 44-46"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 4-8","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 7, lines 4-8"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 26-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 8, lines 26-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 32-44","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 8, lines 32-44"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 10-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 9, lines 10-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 16-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 9, lines 16-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 50-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 9, lines 50-1"}]}],"caption":"Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning","case_history":[{"changed_at":"2026-08-29T20:06:22.685306Z","explanation":"An official oral-argument transcript was verified.","status":"argued"},{"changed_at":"2026-08-29T20:06:22.696883Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"Merrill Lynch argues the case belongs in federal court. Manning argues state courts can hear the fraud claim.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 3, lines 20-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 38-10","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 30, lines 38-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 50-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 55, lines 50-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 22-4","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 57, lines 22-4"}],"dispositions":[],"latest_court_document_date":"2015-12-01T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2015","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/14-1132.html","primary_docket":"14-1132","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-30T19:12:03.705261Z","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 whether federal courts hold exclusive jurisdiction over securities fraud claims. the sides that brought the case seek to remove the case to federal court. the opposing sides want to keep the case in state court."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 3, lines 20-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 38-10","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 30, lines 38-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 50-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 55, lines 50-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 22-4","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 57, lines 22-4"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on December 1, 2015."],"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/2015/14-1132_f204.pdf","page_label":"file page 3, lines 8-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 60, lines 44-46","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 60, lines 44-46"}]},{"heading":"What each side wants","paragraphs":["Merrill Lynch wants the Supreme Court to affirm the federal court's jurisdiction.","Manning wants the Supreme Court to allow the state court to hear the case."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 3, lines 20-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 38-10","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 30, lines 38-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 50-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 55, lines 50-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 22-4","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 57, lines 22-4"}]},{"heading":"What each side says","paragraphs":["Merrill Lynch argues Exchange Act Section 27 grants federal courts exclusive jurisdiction over enforcement suits.","Manning argues jurisdictional statutes should not intrude on state authority without clear congressional intent."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 3, lines 20-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 38-10","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 30, lines 38-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 50-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 55, lines 50-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 22-4","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 57, lines 22-4"}]},{"heading":"What the justices asked","paragraphs":["Justice Alito asked if the test depends solely on the complaint's allegations.","Justice Ginsburg asked if amending the complaint to cite state law would change the outcome."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 22-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 10, lines 22-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 30-4","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 4, lines 30-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 24-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 5, lines 24-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 48-4","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 5, lines 48-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 59, lines 6-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 59, lines 6-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 14-14","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 6, lines 14-14"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 16-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 6, lines 16-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 60, lines 44-46","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 60, lines 44-46"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 4-8","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 7, lines 4-8"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 26-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 8, lines 26-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 32-44","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 8, lines 32-44"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 10-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 9, lines 10-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 16-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 9, lines 16-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 50-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 9, lines 50-1"}]},{"heading":"Why it matters","paragraphs":["This case determines which courts hear securities fraud claims. It affects the balance of power between state and federal judicial systems. It shapes the procedural path for investors seeking redress."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 3, lines 20-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 38-10","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 30, lines 38-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 50-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 55, lines 50-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 22-4","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 57, lines 22-4"}]},{"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 22-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 10, lines 22-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 8-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 3, lines 8-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 30-4","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 4, lines 30-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 24-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 5, lines 24-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 48-4","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 5, lines 48-4"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 59, lines 6-20","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 59, lines 6-20"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 14-14","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 6, lines 14-14"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 16-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 6, lines 16-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 60, lines 44-46","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 60, lines 44-46"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 4-8","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 7, lines 4-8"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 26-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 8, lines 26-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 32-44","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 8, lines 32-44"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 10-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 9, lines 10-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 16-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 9, lines 16-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 50-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 9, lines 50-1"}]}],"slug":"2015-14-1132-merrill-lynch-pierce-fenner-smith-inc-v-manning","term":"2015","title":"Does a state fraud claim seeking federal remedies trigger exclusive federal jurisdiction?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 3, lines 20-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 38-10","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 30, lines 38-10"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 50-12","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 55, lines 50-12"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 22-4","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2015/14-1132_f204.pdf","page_label":"file page 57, lines 22-4"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}