{"argument_date":"2017-04-17T00:00:00Z","arguments":[{"argument_date":"2017-04-17T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2016","official_transcript_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","paragraphs":["Goldstein argued American Pipe tolling applies to both limits.","Clement argued the three-year limit is a statute of repose.","Roberts questioned whether a relative price drop bars suits.","Kagan asked if the distinction is practical or formal."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 28-16","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 10, lines 28-16"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 18-38","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 11, lines 18-38"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 42-44","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 11, lines 42-44"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 30-40","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 12, lines 30-40"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 3, lines 20-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 8-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 3, lines 8-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 14-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 30, lines 14-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 32-34","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 4, lines 32-34"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 36-42","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 55, lines 36-42"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 52-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 57, lines 52-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 16-22","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 6, lines 16-22"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 28-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 6, lines 28-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 60, lines 30-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 60, lines 30-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 28-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 7, lines 28-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 36-40","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 8, lines 36-40"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 44-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 8, lines 44-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 20-22","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 9, lines 20-22"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 30-42","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 9, lines 30-42"}]}],"caption":"California Public Employees' Retirement System v. ANZ Securities, Inc.","case_history":[{"changed_at":"2026-08-29T20:06:21.479979Z","explanation":"An official oral-argument transcript was verified.","status":"argued"},{"changed_at":"2026-08-29T20:06:21.493365Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"Investors argue the repose limit pauses during class actions. The issuer argues it never pauses.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 3, lines 20-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 14-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 30, lines 14-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 36-42","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 55, lines 36-42"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 52-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 57, lines 52-28"}],"dispositions":[],"latest_court_document_date":"2017-04-17T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2016","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/16-373.html","primary_docket":"16-373","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-30T18:39:31.685439Z","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 the three-year repose limit in the Securities Act pauses during a class action. the sides that brought the case say it pauses. the opposing sides say it does not."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 3, lines 20-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 14-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 30, lines 14-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 36-42","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 55, lines 36-42"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 52-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 57, lines 52-28"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on April 17, 2017."],"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/2016/16-373_4e46.pdf","page_label":"file page 3, lines 8-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 60, lines 30-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 60, lines 30-32"}]},{"heading":"What each side wants","paragraphs":["the sides that brought the case want the repose limit to pause during class actions.","the opposing sides want the repose limit to run continuously."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 3, lines 20-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 14-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 30, lines 14-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 36-42","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 55, lines 36-42"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 52-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 57, lines 52-28"}]},{"heading":"What each side says","paragraphs":["the sides that brought the case argue American Pipe tolling applies to both time limits.","the opposing sides argue the three-year limit is a strict repose statute."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 3, lines 20-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 14-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 30, lines 14-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 36-42","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 55, lines 36-42"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 52-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 57, lines 52-28"}]},{"heading":"What the justices asked","paragraphs":["Chief Justice Roberts asked if suits require a price drop.","Justice Kagan asked if the distinction is practical or formal."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 28-16","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 10, lines 28-16"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 18-38","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 11, lines 18-38"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 42-44","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 11, lines 42-44"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 30-40","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 12, lines 30-40"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 32-34","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 4, lines 32-34"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 16-22","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 6, lines 16-22"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 28-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 6, lines 28-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 60, lines 30-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 60, lines 30-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 28-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 7, lines 28-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 36-40","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 8, lines 36-40"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 44-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 8, lines 44-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 20-22","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 9, lines 20-22"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 30-42","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 9, lines 30-42"}]},{"heading":"Why it matters","paragraphs":["Investors lose claims if the repose limit never pauses. Issuers gain finality if the limit runs continuously."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 3, lines 20-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 14-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 30, lines 14-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 36-42","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 55, lines 36-42"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 52-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 57, lines 52-28"}]},{"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 28-16","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 10, lines 28-16"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 18-38","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 11, lines 18-38"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 42-44","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 11, lines 42-44"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 12, lines 30-40","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 12, lines 30-40"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 8-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 3, lines 8-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 32-34","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 4, lines 32-34"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 16-22","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 6, lines 16-22"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 28-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 6, lines 28-28"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 60, lines 30-32","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 60, lines 30-32"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 28-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 7, lines 28-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 36-40","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 8, lines 36-40"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 44-1","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 8, lines 44-1"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 20-22","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 9, lines 20-22"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 30-42","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 9, lines 30-42"}]}],"slug":"2016-16-373-california-public-employees-retirement-system-v-anz-securities-inc","term":"2016","title":"Does American Pipe tolling apply to the Securities Act's three-year repose limit?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 20-24","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 3, lines 20-24"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 14-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 30, lines 14-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 55, lines 36-42","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 55, lines 36-42"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 52-28","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2016/16-373_4e46.pdf","page_label":"file page 57, lines 52-28"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}