October Term 2009 · Docket 08-1191
Does U.S. securities law cover foreign stock fraud?
Investors sue a bank over foreign stock fraud. The bank claims U.S. courts lack power.
Verified source milestones
- — 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. Dubbs argued the fraud violated Section 10b.
He claimed significant conduct occurred in the United States.
Mr. Conway argued the lower court judgment should stand.
He cited the presumption against extraterritorial application.
Read the official transcript for this argument · Official argument details
Sources used for this argument breakdown
- Official Supreme Court Transcript — file page 26, lines 11-33 — Transcript, file page 26, lines 11-33
- Official Supreme Court Transcript — file page 3, lines 19-47 — Transcript, file page 3, lines 19-47
- Official Supreme Court Transcript — file page 3, lines 49-7 — Transcript, file page 3, lines 49-7
- 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 23-25 — Transcript, file page 4, lines 23-25
- Official Supreme Court Transcript — file page 4, lines 33-41 — Transcript, file page 4, lines 33-41
- Official Supreme Court Transcript — file page 43, lines 19-35 — Transcript, file page 43, lines 19-35
- Official Supreme Court Transcript — file page 5, lines 37-41 — Transcript, file page 5, lines 37-41
- Official Supreme Court Transcript — file page 6, lines 17-19 — Transcript, file page 6, lines 17-19
- Official Supreme Court Transcript — file page 6, lines 29-33 — Transcript, file page 6, lines 29-33
- Official Supreme Court Transcript — file page 6, lines 47-49 — Transcript, file page 6, lines 47-49
- Official Supreme Court Transcript — file page 7, lines 13-21 — Transcript, file page 7, lines 13-21
- 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 3-9 — Transcript, file page 7, lines 3-9
- Official Supreme Court Transcript — file page 7, lines 39-13 — Transcript, file page 7, lines 39-13
- Official Supreme Court Transcript — file page 8, lines 17-19 — Transcript, file page 8, lines 17-19
A citizen's guide to the whole case
What this case is about
The case tests the reach of U.S. anti-fraud laws. It asks if these laws apply to foreign transactions.
Official sources for this section
- Official Supreme Court Transcript — file page 26, lines 11-33 — Transcript, file page 26, lines 11-33
- Official Supreme Court Transcript — file page 3, lines 19-47 — Transcript, file page 3, lines 19-47
- Official Supreme Court Transcript — file page 43, lines 19-35 — Transcript, file page 43, lines 19-35
How the case got here
The Supreme Court heard oral argument in this case on March 29, 2010.
Official sources for this section
- Official Supreme Court Transcript — file page 3, lines 7-17 — Transcript, file page 3, lines 7-17
What each side wants
Investors want a U.S. court to hear their fraud claim.
The bank wants the court to dismiss the case.
Official sources for this section
- Official Supreme Court Transcript — file page 26, lines 11-33 — Transcript, file page 26, lines 11-33
- Official Supreme Court Transcript — file page 3, lines 19-47 — Transcript, file page 3, lines 19-47
- Official Supreme Court Transcript — file page 43, lines 19-35 — Transcript, file page 43, lines 19-35
What each side says
Investors argue significant fraud conduct occurred in the United States.
The bank argues U.S. law does not reach foreign markets.
Official sources for this section
- Official Supreme Court Transcript — file page 26, lines 11-33 — Transcript, file page 26, lines 11-33
- Official Supreme Court Transcript — file page 3, lines 19-47 — Transcript, file page 3, lines 19-47
- Official Supreme Court Transcript — file page 43, lines 19-35 — Transcript, file page 43, lines 19-35
What the justices asked
Justice Scalia asked if the government's support changes the legal view.
Justice Ginsburg asked if the case is purely about Australian law.
Official sources for this section
- Official Supreme Court Transcript — file page 3, lines 49-7 — Transcript, file page 3, lines 49-7
- Official Supreme Court Transcript — file page 4, lines 23-25 — Transcript, file page 4, lines 23-25
- Official Supreme Court Transcript — file page 4, lines 33-41 — Transcript, file page 4, lines 33-41
- Official Supreme Court Transcript — file page 5, lines 37-41 — Transcript, file page 5, lines 37-41
- Official Supreme Court Transcript — file page 6, lines 17-19 — Transcript, file page 6, lines 17-19
- Official Supreme Court Transcript — file page 6, lines 29-33 — Transcript, file page 6, lines 29-33
- Official Supreme Court Transcript — file page 6, lines 47-49 — Transcript, file page 6, lines 47-49
- Official Supreme Court Transcript — file page 7, lines 13-21 — Transcript, file page 7, lines 13-21
- 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 3-9 — Transcript, file page 7, lines 3-9
- Official Supreme Court Transcript — file page 7, lines 39-13 — Transcript, file page 7, lines 39-13
- Official Supreme Court Transcript — file page 8, lines 17-19 — Transcript, file page 8, lines 17-19
Why it matters
This case defines the geographic limit of U.S. securities laws. It determines if foreign investors can sue in U.S. courts. It shapes global financial regulation and investor protection standards.
Official sources for this section
- Official Supreme Court Transcript — file page 26, lines 11-33 — Transcript, file page 26, lines 11-33
- Official Supreme Court Transcript — file page 3, lines 19-47 — Transcript, file page 3, lines 19-47
- Official Supreme Court Transcript — file page 43, lines 19-35 — Transcript, file page 43, lines 19-35
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 49-7 — Transcript, file page 3, lines 49-7
- 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 23-25 — Transcript, file page 4, lines 23-25
- Official Supreme Court Transcript — file page 4, lines 33-41 — Transcript, file page 4, lines 33-41
- Official Supreme Court Transcript — file page 5, lines 37-41 — Transcript, file page 5, lines 37-41
- Official Supreme Court Transcript — file page 6, lines 17-19 — Transcript, file page 6, lines 17-19
- Official Supreme Court Transcript — file page 6, lines 29-33 — Transcript, file page 6, lines 29-33
- Official Supreme Court Transcript — file page 6, lines 47-49 — Transcript, file page 6, lines 47-49
- Official Supreme Court Transcript — file page 7, lines 13-21 — Transcript, file page 7, lines 13-21
- 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 3-9 — Transcript, file page 7, lines 3-9
- Official Supreme Court Transcript — file page 7, lines 39-13 — Transcript, file page 7, lines 39-13
- Official Supreme Court Transcript — file page 8, lines 17-19 — Transcript, file page 8, lines 17-19
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 26, lines 11-33 — Transcript, file page 26, lines 11-33
- Official Supreme Court Transcript — file page 3, lines 19-47 — Transcript, file page 3, lines 19-47
- Official Supreme Court Transcript — file page 43, lines 19-35 — Transcript, file page 43, lines 19-35
- Official Supreme Court Transcript — file page 26, lines 11-33 — Transcript, file page 26, lines 11-33
- Official Supreme Court Transcript — file page 3, lines 19-47 — Transcript, file page 3, lines 19-47
- Official Supreme Court Transcript — file page 43, lines 19-35 — Transcript, file page 43, lines 19-35
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.