{"argument_date":"2017-11-06T00:00:00Z","arguments":[{"argument_date":"2017-11-06T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2017","official_transcript_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","paragraphs":["Mr. Walsh argued that Congress included intermediaries in the safe harbor from the start.","Mr. Walsh stated that the relevant transfers involve financial institutions like Credit Suisse.","Mr. Clement addressed the definition of a financial institution first.","Mr. Clement then addressed the specific main legal question by the Court."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 7-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 10, lines 7-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 33, lines 41-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 33, lines 41-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 11-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 4, lines 11-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 23-51","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 4, lines 23-51"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 53-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 4, lines 53-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 31-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 6, lines 31-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 43-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 6, lines 43-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 9-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 6, lines 9-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 67, lines 55-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 67, lines 55-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 69, lines 23-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 69, lines 23-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 69, lines 47-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 69, lines 47-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 35-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 7, lines 35-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 9-11","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 7, lines 9-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 37-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 8, lines 37-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 53-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 8, lines 53-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 9-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 8, lines 9-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 13-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 9, lines 13-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 37-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 9, lines 37-43"}]}],"caption":"Merit Management Group, LP v. FTI Consulting, Inc.","case_history":[{"changed_at":"2026-08-29T20:06:34.022003Z","explanation":"An official oral-argument transcript was verified.","status":"argued"},{"changed_at":"2026-08-29T20:06:34.050596Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"The dispute centers on whether a bankruptcy trustee can recover funds sent to a financial institution under a safe harbor provision.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 33, lines 41-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 33, lines 41-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 23-51","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 4, lines 23-51"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 67, lines 55-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 67, lines 55-21"}],"dispositions":[],"latest_court_document_date":"2017-11-06T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2017","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/16-784.html","primary_docket":"16-784","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-30T18:29:44.657931Z","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 a federal bankruptcy safe harbor. The provision shields certain financial transactions from being unwound by a bankruptcy trustee. The core legal question is whether this protection applies when the funds ultimately reach parties who do not qualify for the shield."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 33, lines 41-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 33, lines 41-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 23-51","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 4, lines 23-51"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 67, lines 55-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 67, lines 55-21"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on November 6, 2017."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 11-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 4, lines 11-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 69, lines 47-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 69, lines 47-49"}]},{"heading":"What each side wants","paragraphs":["The trustee wants to recover the funds for creditors.","The financial institution wants to keep the funds protected by the safe harbor."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 33, lines 41-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 33, lines 41-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 23-51","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 4, lines 23-51"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 67, lines 55-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 67, lines 55-21"}]},{"heading":"What each side says","paragraphs":["The trustee argues the safe harbor does not protect funds reaching non-protected parties.","The financial institution argues the safe harbor protects transfers to financial institutions regardless of the final recipient."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 33, lines 41-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 33, lines 41-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 23-51","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 4, lines 23-51"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 67, lines 55-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 67, lines 55-21"}]},{"heading":"What the justices asked","paragraphs":["Justice Sotomayor asked if the obligation issue is prospective.","Justice Ginsburg asked how either bank is at risk in this scenario."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 7-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 10, lines 7-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 53-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 4, lines 53-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 31-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 6, lines 31-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 43-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 6, lines 43-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 9-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 6, lines 9-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 69, lines 23-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 69, lines 23-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 69, lines 47-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 69, lines 47-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 35-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 7, lines 35-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 9-11","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 7, lines 9-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 37-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 8, lines 37-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 53-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 8, lines 53-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 9-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 8, lines 9-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 13-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 9, lines 13-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 37-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 9, lines 37-43"}]},{"heading":"Why it matters","paragraphs":["This case defines the boundary of financial transaction protections in bankruptcy. It determines whether creditors can recover funds that passed through protected institutions. The outcome affects the stability of financial markets and the rights of bankruptcy estates."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 33, lines 41-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 33, lines 41-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 23-51","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 4, lines 23-51"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 67, lines 55-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 67, lines 55-21"}]},{"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 7-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 10, lines 7-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 11-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 4, lines 11-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 53-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 4, lines 53-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 31-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 6, lines 31-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 43-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 6, lines 43-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 9-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 6, lines 9-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 69, lines 23-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 69, lines 23-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 69, lines 47-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 69, lines 47-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 35-39","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 7, lines 35-39"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 9-11","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 7, lines 9-11"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 37-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 8, lines 37-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 53-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 8, lines 53-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 9-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 8, lines 9-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 13-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 9, lines 13-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 37-43","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 9, lines 37-43"}]}],"slug":"2017-16-784-merit-management-group-lp-v-fti-consulting-inc","term":"2017","title":"Does the bankruptcy safe harbor protect transfers to financial institutions even if the funds reach non-protected parties?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 33, lines 41-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 33, lines 41-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 23-51","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 4, lines 23-51"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 67, lines 55-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2017/16-784_j5f0.pdf","page_label":"file page 67, lines 55-21"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}