October Term 2013 · Docket 13-317
Can defendants prove no price impact before class certification?
the sides that brought the case want to prove no price impact at class certification. the opposing sides want to delay that proof until trial.
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. Streett argued Basic was wrong when decided.
Mr. Boies argued Basic relied on commerce.
Justice Kagan asked about the third point.
Justice Alito asked about rebuttal success rates.
Read the official transcript for this argument · Official argument details
Sources used for this argument breakdown
- Official Supreme Court Transcript — file page 10, lines 5-31 — Transcript, file page 10, lines 5-31
- Official Supreme Court Transcript — file page 25, lines 39-23 — Transcript, file page 25, lines 39-23
- Official Supreme Court Transcript — file page 3, lines 19-49 — Transcript, file page 3, lines 19-49
- Official Supreme Court Transcript — file page 3, lines 51-15 — Transcript, file page 3, lines 51-15
- 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 29-31 — Transcript, file page 4, lines 29-31
- Official Supreme Court Transcript — file page 4, lines 35-35 — Transcript, file page 4, lines 35-35
- Official Supreme Court Transcript — file page 42, lines 7-47 — Transcript, file page 42, lines 7-47
- Official Supreme Court Transcript — file page 5, lines 3-33 — Transcript, file page 5, lines 3-33
- Official Supreme Court Transcript — file page 53, lines 23-9 — Transcript, file page 53, lines 23-9
- Official Supreme Court Transcript — file page 54, lines 11-15 — Transcript, file page 54, lines 11-15
- Official Supreme Court Transcript — file page 54, lines 21-23 — Transcript, file page 54, lines 21-23
- Official Supreme Court Transcript — file page 55, lines 37-39 — Transcript, file page 55, lines 37-39
- Official Supreme Court Transcript — file page 6, lines 29-29 — Transcript, file page 6, lines 29-29
- Official Supreme Court Transcript — file page 6, lines 33-35 — Transcript, file page 6, lines 33-35
- Official Supreme Court Transcript — file page 7, lines 11-29 — Transcript, file page 7, lines 11-29
- Official Supreme Court Transcript — file page 7, lines 45-13 — Transcript, file page 7, lines 45-13
- Official Supreme Court Transcript — file page 8, lines 37-41 — Transcript, file page 8, lines 37-41
- Official Supreme Court Transcript — file page 9, lines 19-19 — Transcript, file page 9, lines 19-19
- Official Supreme Court Transcript — file page 9, lines 21-37 — Transcript, file page 9, lines 21-37
A citizen's guide to the whole case
What this case is about
This case tests when defendants may prove a stock price did not react to alleged fraud. the sides that brought the case argue this proof belongs at class certification. the opposing sides argue it belongs at trial.
Official sources for this section
- Official Supreme Court Transcript — file page 25, lines 39-23 — Transcript, file page 25, lines 39-23
- Official Supreme Court Transcript — file page 3, lines 19-49 — Transcript, file page 3, lines 19-49
- Official Supreme Court Transcript — file page 42, lines 7-47 — Transcript, file page 42, lines 7-47
- Official Supreme Court Transcript — file page 53, lines 23-9 — Transcript, file page 53, lines 23-9
How the case got here
The Supreme Court heard oral argument in this case on March 5, 2014.
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 55, lines 37-39 — Transcript, file page 55, lines 37-39
What each side wants
the sides that brought the case want to prove no price impact at class certification.
the opposing sides want to delay price impact proof until trial.
Official sources for this section
- Official Supreme Court Transcript — file page 25, lines 39-23 — Transcript, file page 25, lines 39-23
- Official Supreme Court Transcript — file page 3, lines 19-49 — Transcript, file page 3, lines 19-49
- Official Supreme Court Transcript — file page 42, lines 7-47 — Transcript, file page 42, lines 7-47
- Official Supreme Court Transcript — file page 53, lines 23-9 — Transcript, file page 53, lines 23-9
What each side says
the sides that brought the case argue Basic was wrong and substituted theory for reliance.
the opposing sides argue Basic relied on commerce, not economic theory.
Official sources for this section
- Official Supreme Court Transcript — file page 25, lines 39-23 — Transcript, file page 25, lines 39-23
- Official Supreme Court Transcript — file page 3, lines 19-49 — Transcript, file page 3, lines 19-49
- Official Supreme Court Transcript — file page 42, lines 7-47 — Transcript, file page 42, lines 7-47
- Official Supreme Court Transcript — file page 53, lines 23-9 — Transcript, file page 53, lines 23-9
What the justices asked
Justice Kagan asked if the approach is binary.
Justice Ginsburg asked when the rebuttal occurs.
Official sources for this section
- Official Supreme Court Transcript — file page 10, lines 5-31 — Transcript, file page 10, lines 5-31
- Official Supreme Court Transcript — file page 3, lines 51-15 — Transcript, file page 3, lines 51-15
- Official Supreme Court Transcript — file page 4, lines 29-31 — Transcript, file page 4, lines 29-31
- Official Supreme Court Transcript — file page 4, lines 35-35 — Transcript, file page 4, lines 35-35
- Official Supreme Court Transcript — file page 5, lines 3-33 — Transcript, file page 5, lines 3-33
- Official Supreme Court Transcript — file page 54, lines 11-15 — Transcript, file page 54, lines 11-15
- Official Supreme Court Transcript — file page 54, lines 21-23 — Transcript, file page 54, lines 21-23
- Official Supreme Court Transcript — file page 55, lines 37-39 — Transcript, file page 55, lines 37-39
- Official Supreme Court Transcript — file page 6, lines 29-29 — Transcript, file page 6, lines 29-29
- Official Supreme Court Transcript — file page 6, lines 33-35 — Transcript, file page 6, lines 33-35
- Official Supreme Court Transcript — file page 7, lines 11-29 — Transcript, file page 7, lines 11-29
- Official Supreme Court Transcript — file page 7, lines 45-13 — Transcript, file page 7, lines 45-13
- Official Supreme Court Transcript — file page 8, lines 37-41 — Transcript, file page 8, lines 37-41
- Official Supreme Court Transcript — file page 9, lines 19-19 — Transcript, file page 9, lines 19-19
- Official Supreme Court Transcript — file page 9, lines 21-37 — Transcript, file page 9, lines 21-37
Why it matters
This dispute determines when courts examine price impact evidence. It affects the cost and speed of securities litigation. It shapes how plaintiffs prove reliance on market prices.
Official sources for this section
- Official Supreme Court Transcript — file page 25, lines 39-23 — Transcript, file page 25, lines 39-23
- Official Supreme Court Transcript — file page 3, lines 19-49 — Transcript, file page 3, lines 19-49
- Official Supreme Court Transcript — file page 42, lines 7-47 — Transcript, file page 42, lines 7-47
- Official Supreme Court Transcript — file page 53, lines 23-9 — Transcript, file page 53, lines 23-9
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 10, lines 5-31 — Transcript, file page 10, lines 5-31
- Official Supreme Court Transcript — file page 3, lines 51-15 — Transcript, file page 3, lines 51-15
- 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 29-31 — Transcript, file page 4, lines 29-31
- Official Supreme Court Transcript — file page 4, lines 35-35 — Transcript, file page 4, lines 35-35
- Official Supreme Court Transcript — file page 5, lines 3-33 — Transcript, file page 5, lines 3-33
- Official Supreme Court Transcript — file page 54, lines 11-15 — Transcript, file page 54, lines 11-15
- Official Supreme Court Transcript — file page 54, lines 21-23 — Transcript, file page 54, lines 21-23
- Official Supreme Court Transcript — file page 55, lines 37-39 — Transcript, file page 55, lines 37-39
- Official Supreme Court Transcript — file page 6, lines 29-29 — Transcript, file page 6, lines 29-29
- Official Supreme Court Transcript — file page 6, lines 33-35 — Transcript, file page 6, lines 33-35
- Official Supreme Court Transcript — file page 7, lines 11-29 — Transcript, file page 7, lines 11-29
- Official Supreme Court Transcript — file page 7, lines 45-13 — Transcript, file page 7, lines 45-13
- Official Supreme Court Transcript — file page 8, lines 37-41 — Transcript, file page 8, lines 37-41
- Official Supreme Court Transcript — file page 9, lines 19-19 — Transcript, file page 9, lines 19-19
- Official Supreme Court Transcript — file page 9, lines 21-37 — Transcript, file page 9, lines 21-37
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 25, lines 39-23 — Transcript, file page 25, lines 39-23
- Official Supreme Court Transcript — file page 3, lines 19-49 — Transcript, file page 3, lines 19-49
- Official Supreme Court Transcript — file page 42, lines 7-47 — Transcript, file page 42, lines 7-47
- Official Supreme Court Transcript — file page 53, lines 23-9 — Transcript, file page 53, lines 23-9
- Official Supreme Court Transcript — file page 25, lines 39-23 — Transcript, file page 25, lines 39-23
- Official Supreme Court Transcript — file page 3, lines 19-49 — Transcript, file page 3, lines 19-49
- Official Supreme Court Transcript — file page 42, lines 7-47 — Transcript, file page 42, lines 7-47
- Official Supreme Court Transcript — file page 53, lines 23-9 — Transcript, file page 53, lines 23-9
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.