October Term 2006 · Docket 05-1157
Does securities regulation shield broker fees from antitrust suits?
Investors sue brokers over fee structures. Brokers claim federal regulation blocks these claims.
Verified source milestones
- — An official oral-argument transcript was verified.
- — An official oral-argument transcript was verified.
The arguments, in order
This case may have been argued more than once. Each entry below uses that session's official transcript. Later arguments do not erase earlier ones.
Argument 1 ·
What happened at the argument
Mr. Shapiro argued that prior decisions require implied antitrust immunity.
Mr. Lovell argued that implied immunity is not favored by the Court.
General Clement argued that the government must reconcile both legal regimes.
Read the official transcript for this argument · Official argument details
Sources used for this argument breakdown
- Official Supreme Court Transcript — file page 18, lines 7-15 — Transcript, file page 18, lines 7-15
- Official Supreme Court Transcript — file page 27, lines 31-49 — Transcript, file page 27, lines 31-49
- Official Supreme Court Transcript — file page 3, lines 19-23 — Transcript, file page 3, lines 19-23
- Official Supreme Court Transcript — file page 3, lines 7-17 — Transcript, file page 3, lines 7-17
- Official Supreme Court Transcript — file page 4, lines 25-29 — Transcript, file page 4, lines 25-29
- Official Supreme Court Transcript — file page 4, lines 45-49 — Transcript, file page 4, lines 45-49
- Official Supreme Court Transcript — file page 5, lines 23-29 — Transcript, file page 5, lines 23-29
- Official Supreme Court Transcript — file page 5, lines 51-5 — Transcript, file page 5, lines 51-5
- Official Supreme Court Transcript — file page 5, lines 7-9 — Transcript, file page 5, lines 7-9
- Official Supreme Court Transcript — file page 56, lines 25-45 — Transcript, file page 56, lines 25-45
- Official Supreme Court Transcript — file page 59, lines 3-5 — Transcript, file page 59, lines 3-5
- Official Supreme Court Transcript — file page 6, lines 35-45 — Transcript, file page 6, lines 35-45
- Official Supreme Court Transcript — file page 7, lines 11-17 — Transcript, file page 7, lines 11-17
- Official Supreme Court Transcript — file page 7, lines 25-27 — Transcript, file page 7, lines 25-27
- Official Supreme Court Transcript — file page 7, lines 35-35 — Transcript, file page 7, lines 35-35
- Official Supreme Court Transcript — file page 7, lines 51-3 — Transcript, file page 7, lines 51-3
- Official Supreme Court Transcript — file page 8, lines 39-49 — Transcript, file page 8, lines 39-49
- Official Supreme Court Transcript — file page 8, lines 7-9 — Transcript, file page 8, lines 7-9
A citizen's guide to the whole case
What this case is about
This case tests if federal securities rules block private antitrust lawsuits against broker fees.
Official sources for this section
- Official Supreme Court Transcript — file page 18, lines 7-15 — Transcript, file page 18, lines 7-15
- Official Supreme Court Transcript — file page 27, lines 31-49 — Transcript, file page 27, lines 31-49
- Official Supreme Court Transcript — file page 3, lines 19-23 — Transcript, file page 3, lines 19-23
- Official Supreme Court Transcript — file page 56, lines 25-45 — Transcript, file page 56, lines 25-45
How the case got here
The Supreme Court heard oral argument in this case on March 27, 2007.
Official sources for this section
- Official Supreme Court Transcript — file page 3, lines 7-17 — Transcript, file page 3, lines 7-17
- Official Supreme Court Transcript — file page 59, lines 3-5 — Transcript, file page 59, lines 3-5
What each side wants
the sides that brought the case want the Court to affirm implied antitrust immunity.
the opposing sides want the Court to reject implied antitrust immunity.
Official sources for this section
- Official Supreme Court Transcript — file page 18, lines 7-15 — Transcript, file page 18, lines 7-15
- Official Supreme Court Transcript — file page 27, lines 31-49 — Transcript, file page 27, lines 31-49
- Official Supreme Court Transcript — file page 3, lines 19-23 — Transcript, file page 3, lines 19-23
- Official Supreme Court Transcript — file page 56, lines 25-45 — Transcript, file page 56, lines 25-45
What each side says
the sides that brought the case argue prior decisions require immunity for regulated fees.
the opposing sides argue immunity requires a clear conflict with federal law.
Official sources for this section
- Official Supreme Court Transcript — file page 18, lines 7-15 — Transcript, file page 18, lines 7-15
- Official Supreme Court Transcript — file page 27, lines 31-49 — Transcript, file page 27, lines 31-49
- Official Supreme Court Transcript — file page 3, lines 19-23 — Transcript, file page 3, lines 19-23
- Official Supreme Court Transcript — file page 56, lines 25-45 — Transcript, file page 56, lines 25-45
What the justices asked
Justice Stevens asked if laddering fits the legal theory.
Justice Scalia asked if the statute specifically states the principle.
Official sources for this section
- Official Supreme Court Transcript — file page 4, lines 25-29 — Transcript, file page 4, lines 25-29
- Official Supreme Court Transcript — file page 4, lines 45-49 — Transcript, file page 4, lines 45-49
- Official Supreme Court Transcript — file page 5, lines 23-29 — Transcript, file page 5, lines 23-29
- Official Supreme Court Transcript — file page 5, lines 51-5 — Transcript, file page 5, lines 51-5
- Official Supreme Court Transcript — file page 5, lines 7-9 — Transcript, file page 5, lines 7-9
- Official Supreme Court Transcript — file page 59, lines 3-5 — Transcript, file page 59, lines 3-5
- Official Supreme Court Transcript — file page 6, lines 35-45 — Transcript, file page 6, lines 35-45
- Official Supreme Court Transcript — file page 7, lines 11-17 — Transcript, file page 7, lines 11-17
- Official Supreme Court Transcript — file page 7, lines 25-27 — Transcript, file page 7, lines 25-27
- Official Supreme Court Transcript — file page 7, lines 35-35 — Transcript, file page 7, lines 35-35
- Official Supreme Court Transcript — file page 7, lines 51-3 — Transcript, file page 7, lines 51-3
- Official Supreme Court Transcript — file page 8, lines 39-49 — Transcript, file page 8, lines 39-49
- Official Supreme Court Transcript — file page 8, lines 7-9 — Transcript, file page 8, lines 7-9
Why it matters
This dispute defines the boundary between securities regulation and antitrust enforcement. It determines whether private investors can challenge broker fee structures in court. The outcome shapes the scope of federal regulatory authority over financial markets.
Official sources for this section
- Official Supreme Court Transcript — file page 18, lines 7-15 — Transcript, file page 18, lines 7-15
- Official Supreme Court Transcript — file page 27, lines 31-49 — Transcript, file page 27, lines 31-49
- Official Supreme Court Transcript — file page 3, lines 19-23 — Transcript, file page 3, lines 19-23
- Official Supreme Court Transcript — file page 56, lines 25-45 — Transcript, file page 56, lines 25-45
What happens next
This article currently covers the argument record. Use the official docket link for later case activity.
Official sources for this section
- Official Supreme Court Transcript — file page 3, lines 7-17 — Transcript, file page 3, lines 7-17
- Official Supreme Court Transcript — file page 4, lines 25-29 — Transcript, file page 4, lines 25-29
- Official Supreme Court Transcript — file page 4, lines 45-49 — Transcript, file page 4, lines 45-49
- Official Supreme Court Transcript — file page 5, lines 23-29 — Transcript, file page 5, lines 23-29
- Official Supreme Court Transcript — file page 5, lines 51-5 — Transcript, file page 5, lines 51-5
- Official Supreme Court Transcript — file page 5, lines 7-9 — Transcript, file page 5, lines 7-9
- Official Supreme Court Transcript — file page 59, lines 3-5 — Transcript, file page 59, lines 3-5
- Official Supreme Court Transcript — file page 6, lines 35-45 — Transcript, file page 6, lines 35-45
- Official Supreme Court Transcript — file page 7, lines 11-17 — Transcript, file page 7, lines 11-17
- Official Supreme Court Transcript — file page 7, lines 25-27 — Transcript, file page 7, lines 25-27
- Official Supreme Court Transcript — file page 7, lines 35-35 — Transcript, file page 7, lines 35-35
- Official Supreme Court Transcript — file page 7, lines 51-3 — Transcript, file page 7, lines 51-3
- Official Supreme Court Transcript — file page 8, lines 39-49 — Transcript, file page 8, lines 39-49
- Official Supreme Court Transcript — file page 8, lines 7-9 — Transcript, file page 8, lines 7-9
Official Court provenance
Official docket and case history · Official Supreme Court oral-argument detail page
Title and summary sources
- Official Supreme Court Transcript — file page 18, lines 7-15 — Transcript, file page 18, lines 7-15
- Official Supreme Court Transcript — file page 27, lines 31-49 — Transcript, file page 27, lines 31-49
- Official Supreme Court Transcript — file page 3, lines 19-23 — Transcript, file page 3, lines 19-23
- Official Supreme Court Transcript — file page 56, lines 25-45 — Transcript, file page 56, lines 25-45
- Official Supreme Court Transcript — file page 18, lines 7-15 — Transcript, file page 18, lines 7-15
- Official Supreme Court Transcript — file page 27, lines 31-49 — Transcript, file page 27, lines 31-49
- Official Supreme Court Transcript — file page 3, lines 19-23 — Transcript, file page 3, lines 19-23
- Official Supreme Court Transcript — file page 56, lines 25-45 — Transcript, file page 56, lines 25-45
Revision history
- Revision 1 · Official Transcript ·
Correction: Rewritten to the concise citizen-facing editorial standard.
- Revision 2 · Official Transcript ·
Correction: Migrated to the dated official Court activity contract without model use.