{"argument_date":"2018-12-03T00:00:00Z","arguments":[{"argument_date":"2018-12-03T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2018","official_transcript_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","paragraphs":["the side that brought the case argued that only the maker of a misstatement can be liable.","The SEC argued that directing false statements constitutes quintessential securities fraud.","justice_questions"],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 34-36","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 10, lines 34-36"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 33-6","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 11, lines 33-6"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 6-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 11, lines 6-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 20-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 30, lines 20-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 16-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 4, lines 16-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 8-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 4, lines 8-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 22-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 5, lines 22-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 26-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 5, lines 26-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 30-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 5, lines 30-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 33-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 6, lines 33-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 26-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 7, lines 26-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 10-27","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 8, lines 10-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 31-31","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 8, lines 31-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 34-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 9, lines 34-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 6-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 9, lines 6-18"}]}],"caption":"Lorenzo v. SEC","case_history":[{"changed_at":"2026-08-29T20:06:20.397572Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"The dispute centers on whether a supervisor who directs false statements to investors commits securities fraud.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 20-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 30, lines 20-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 16-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 4, lines 16-21"}],"dispositions":[],"latest_court_document_date":"2018-12-03T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2018","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/17-1077.html","primary_docket":"17-1077","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-30T18:06:15.108910Z","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 the scope of liability under federal securities laws for supervisors who do not personally author fraudulent documents."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 20-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 30, lines 20-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 16-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 4, lines 16-21"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on December 3, 2018."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 8-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 4, lines 8-15"}]},{"heading":"What each side wants","paragraphs":["the side that brought the case seeks dismissal of the fraud charges.","The SEC seeks to hold the side that brought the case liable for the fraud."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 20-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 30, lines 20-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 16-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 4, lines 16-21"}]},{"heading":"What each side says","paragraphs":["the side that brought the case argues only the person who creates a misstatement can be liable.","The SEC argues a supervisor who directs false statements commits fraud."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 20-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 30, lines 20-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 16-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 4, lines 16-21"}]},{"heading":"What the justices asked","paragraphs":["Justice Kagan asked if the same logic applies to other statutory sections.","Justice Ginsburg noted the email began with a summary of key points."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 34-36","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 10, lines 34-36"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 33-6","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 11, lines 33-6"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 6-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 11, lines 6-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 22-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 5, lines 22-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 26-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 5, lines 26-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 30-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 5, lines 30-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 33-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 6, lines 33-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 26-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 7, lines 26-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 10-27","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 8, lines 10-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 31-31","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 8, lines 31-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 34-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 9, lines 34-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 6-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 9, lines 6-18"}]},{"heading":"Why it matters","paragraphs":["This case defines who bears legal responsibility for corporate fraud. It clarifies the duties of supervisors in financial markets. Investors rely on accurate information from company leaders. Clear rules protect market integrity and public trust."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 20-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 30, lines 20-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 16-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 4, lines 16-21"}]},{"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 34-36","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 10, lines 34-36"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 33-6","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 11, lines 33-6"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 6-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 11, lines 6-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 8-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 4, lines 8-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 22-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 5, lines 22-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 26-26","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 5, lines 26-26"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 30-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 5, lines 30-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 33-15","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 6, lines 33-15"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 26-30","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 7, lines 26-30"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 10-27","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 8, lines 10-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 31-31","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 8, lines 31-31"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 34-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 9, lines 34-18"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 6-18","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 9, lines 6-18"}]}],"slug":"2018-17-1077-lorenzo-v-sec","term":"2018","title":"Can a supervisor be liable for subordinates' fraud?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 20-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 30, lines 20-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 16-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2018/17-1077_4g15.pdf","page_label":"file page 4, lines 16-21"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}